India's forex reserves rise to $585.89 billion

India's foreign exchange reserves saw a notable increase of $1.153 billion, reaching a total of $585.895 billion during the week that ended on October 13, as per data from the Reserve Bank of India (RBI).

In the previous reporting week, the country's overall reserves had experienced a decline, contracting by $2.166 billion to $584.742 billion. Notably, in October 2021, India's forex reserves had reached an all-time high of $645 billion. However, these reserves were tapped into to support the rupee in the face of pressures stemming mainly from global developments over the past year.

During the week ending on October 13, the foreign currency assets, a significant component of the reserves, decreased by $178 million to $519.351 billion. This figure accounts for the impact of the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held within the foreign exchange reserves.

Additionally, the RBI reported an increase in gold reserves, which rose by $1.268 billion to $43.575 billion during the same week. Special Drawing Rights (SDRs) also saw a rise of $72 million, reaching a total of $17.995 billion.

In contrast, India's reserve position with the International Monetary Fund (IMF) experienced a slight decline, falling by $8 million to $4.975 billion during the reporting week, as per data from the apex bank.

(With PTI inputs)