India’s forex reserves rise USD 204 million to USD 532.868 billion

India’s forex reserves rose by 204 million to 532.868 billion US dollar for the week ended October 7 on an increase in the value of gold holdings. Reserve Bank said that in the previous reporting week, the overall reserves had dropped by 4.854 billion to 532.664 billion US dollars.

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.

In October 2021, country’s forex kitty had reached an all-time high of 645 billion US dollars.