Forex reserves increase by $1.15 bn to $585.89 billion

New Delhi: After multiple weeks of decline, India's forex reserves increased by $ 1.153 billion to $ 585.895 billion during the week ended October 13, according to the RBI data.

In the previous reporting week, the overall reserves had dropped by $2.166 billion to $584.742 billion.

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

For the week ended October 13, the foreign currency assets, a major component of the reserves, decreased by $ 178 million to $ 519.351 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 $1.268 billion to $43.575 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $72 million to $17.995 billion, the apex bank said.

India's reserve position with the IMF was down by $8 million to $4.975 billion in the reporting week, the apex bank data showed.

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