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India’s Forex Reserves Rise to 585.895 Billion USD

India’s foreign exchange reserves increased by 1.153 billion U.S. dollars to 585.895 billion dollars during the week ended Oct. 13, official data released by the country’s central bank, the Reserve Bank of India (RBI), showed on Friday.

This was the first time after several weeks that the country’s forex reserves increased.

During the previous reporting week, India’s forex reserves had dropped by 2.166 billion dollars to 584.742 billion dollars.

For the week ended Oct. 13, the foreign currency assets, a major component of the forex reserves, decreased by 178 million dollars to 519.351 billion dollars. However, gold reserves rose by 1.268 billion dollars to 43.575 billion dollars during the week.

In October 2021, the country’s forex reserves reached an all-time high of 645 billion dollars. The reserves took a hit as the central bank deployed it to defend the Indian rupee amid pressures caused mostly by global developments since last year.