India’s foreign exchange reserves witnessed a notable increase, rising by $2.579 billion to reach $586.111 billion in the week ending October 27, as reported by the Reserve Bank of India (RBI). The surge follows a previous week where reserves had experienced a decline of $2.363 billion. Despite reaching an all-time high of $645 billion in October 2021, the reserves faced fluctuations due to the central bank’s strategic use of foreign currency reserves to safeguard the rupee amidst global challenges. In the reported week, foreign currency assets, a significant component of the reserves, rose by $2.303 billion to $514.504 billion, while gold reserves increased by $499 million to $45.923 billion.
India’s Forex Reserves Surge to $586.11 Billion, Up by $2.58 Billion: RBI Data
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