Indian forex reserves record highest weekly gains in one year

This marks the highest weekly gain since September 2021, the Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday.

India's foreign exchange reserves rose to 531,081 million in the week through October 28, against $524,520 million in the week through October 21, which show a jump of $6,561 million during this period. This marks the highest weekly gain since September 2021, the Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday.

Further, in the week ending October 28, the foreign currency assets (FCA) which is the major component in forex reserves, recorded a rise of $5,772 million to $470,847 million. In the week that ended on October 21, FCA stood at $465075 billion. In the current year, reserves have dipped by 16 per cent on the back of RBI's intervention in the currency markets and changes in valuation due to US dollar strengthening to over two decades high.

Gold reserves rose $556 million in the week ending October 28 to $37,762 million. The reserve position in the International Monetary Fund (IMF) came in at $4,847 billion up by $48 million compared to the previous week. Indian rupee on Friday appreciated and closed at 82.44 against the US dollar at the interbank forex market. The strengthening in the rupee was due to a rally in the Chinese yuan due to hopes of relief in US-China tensions.The stock markets gained on Friday after being volatile in the afternoon. The markets had snapped the 2-day losing streak on Friday. (ANI)