India's foreign exchange reserves increased by 2.58 billion US dollars

According to the Reserve Bank of India report, India's foreign exchange reserves increased by US $ 2.579 billion to US $ 586.111 billion in the week ending October 27. In the previous reporting week, total reserves had declined by US$2.363 billion to US$583.532 billion.

The country's foreign exchange reserves reached an all-time high of US$645 billion in October 2021. At the same time, amid pressure due to global growth since last year, the central bank deployed foreign exchange reserves to protect the rupee, which affected the reserves. Foreign exchange assets, a key component of foreign exchange assets, increased by US$2.303 billion to US$514.504 billion for the week ending October 27, 2023, according to the weekly statistical report released by the RBI.

Foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves.

The Reserve Bank of India said special drawing rights (SDRs) declined by US$15 million to US$17.91 billion. At the same time, central bank data shows that India's reserve position with the IMF declined by US $ 208 million to US $ 4.773 billion in the week under review.

Foreign exchange reserves are assets held on reserve by the RBI in foreign currencies. These reserves are used to repay liabilities and influence monetary policy. Foreign exchange reserves may include bank notes, deposits, bonds, treasury bills, and other government securities.