India's forex reserves rise by USD 2.58 billion to USD 586.11 billion

Mumbai, Nov 3 PTI) India's foreign exchange reserves increased by USD 2.579 billion to USD 586.111 billion in the week ended on October 27, the Reserve Bank of India said on Friday.

In the previous reporting week, the overall reserves had dropped by USD 2.363 billion to USD 583.532 billion.

In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the foreign currency reserve to defend rupee amid pressures caused majorly by global developments since last year.

For the week ended October 27, the foreign currency assets, a major component of the reserves, increased by USD 2.303 billion to USD 514.504 billion, according to the Weekly Statistical Supplement released by the RBI.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were up by USD 499 million to USD 45.923 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 15 million to USD 17.91 billion, the apex bank said.

India's reserve position with the IMF was down by USD 208 million to USD 4.773 billion in the reporting week, the central bank data showed.