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India’s forex reserves post biggest weekly gain in more than a year

MUMBAI (Reuters) – India’s foreign exchange reserves rose to $531.08 billion in the week through Oct. 28, marking their biggest weekly gain since September 2021, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.

The country’s reserves were $524.52 billion at the end of the previous week that ended Oct. 21.

They have decline around 16% this year so far due to the RBI’s intervention in the currency markets, as well as valuation changes owing to the dollar’s strength.

In the holiday-shortened week that ended Oct. 28, the rupee rose to snap a run of six weeks of declines. For the current week, it closed flat at 82.44 per dollar. [INR/]

(Reporting by Anushka Trivedi in Mumbai; Editing by Subhranshu Sahu)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

Source: The Print

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