RBI Data Indicates A Rise In India's Forex Reserves By $ 1.153 billion to $585.895 billion (Image: Pixabay)

RBI data says forex reserves have increased by $1.153 billion to $585.895 billion and that the Special Drawing Rights (SDR) have gone up by $72 million to $17.995 billion. This data on India’s forex reserves is for the week ended October 13, after weeks of showing decline in forex reserves. As per the last reporting week before this, the reserves on the whole had gone down by $ 2.166 billion to $ 584.742 billion, reported the Business Standard.

India’s forex reserves had counted an all-time high of $ 645 billion in October 2021. Last year, when the RBI used the reserves to secure the rupee amidst the pressures from global developments, the reserves was affected badly.

The Weekly Statistical Supplement of the RBI said that, the key component of the reserves, the foreign currency assets, went down by $ 178 million to $ 519.351 billion for the week ended on October 13. The foreign currency assets are expressed in dollar terms and it carries both the appreciation and depreciation of other currencies apart from the US dollars, such as the Euro, the Pound and the Yen which is held in foreign exchange reserves.

As for the Gold reserves, the RBI data said that, for the week, it was up by $ 1.268 billion to $ 43.575 billion. The SDRs stood at $ 43.575 for the week, which was up by $ 1.268 billion.

Looking at the reserve position of India with the IMF, it was $ 4.975 billion, down by $ 8 million, for the reporting week, the RBI data said.