India's foreign exchange reserves Rise by 10.417 Billion to USD 572 Billion, one of the biggest weekly jumps in recent times

India's foreign exchange

In the previous reporting week, total reserves decreased by $1.268 billion to $561.583 billion.

As of October 2021, the country's Forex Kitty reached an all-time high of $645 billion. Reserves fell as the central bank uses the kitty to protect the rupee from pressure mainly from global developments. In October 2022, the reserve swelled by $14.721 billion in a week.

Foreign reserves, the main component of foreign reserves, increased by $9.078 billion to $505.519 billion during the reporting week, according to RBI's weekly statistical supplement released on Friday.

Dollar-denominated currency reserves include the appreciation or depreciation of non-US units held in currency reserves, such as the euro, sterling, and yen.

Gold holdings continued to rise, increasing by $1.106 billion to $42.89 billion, RBI said. Settlement rights (SDRs) rose by $147 million to $18.36 billion, the apex bank said.

The country's reserve position with the IMF also increased by $86 million to $5.227 billion during the reporting week, data from the top bank showed.

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