India’s forex reserves rose by $204 million to $532.87 billion for the week ended October 7 on an increase in the value of gold holdings, the Reserve Bank said on Friday.<\/p>\n
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Photograph: Mohamed Azakir\/Reuters<\/span><\/p>\n In the previous reporting week, the overall reserves had dropped by $4.85 billion to $532.66 billion.<\/p>\n The reserves had been falling for many weeks now as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.<\/p>\n \u00a0<\/p>\n It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion.<\/p>\n Foreign Currency Assets (FCAs), a major component of the overall reserves, saw a drop of $1.311 billion to $471.496 billion during the week ended October 7, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.<\/p>\n Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.<\/p>\n The rise in the overall reserves for the week ended October 7 was on account of a sizable increase in the value of the gold holdings, which rose $1.35 billion to $38.95 billion, the RBI said.<\/p>\n The Special Drawing Rights (SDRs) rose by $155 million to $17.582 billion, the apex bank said.<\/p>\n The country’s reserve position with the International Monetary Fund (IMF) rose by $10 million to $4.836 billion in the reporting week, the apex bank data showed.<\/p>\n<\/div>\n[ad_2]\n<\/p>\n News From This Website <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"