Foreign exchange reserve swells by USD 6.561 billion to USD 531.081 billion

India's forex reserves increased by USD 6.561 billion to reach USD 531.081 billion for the week ended October 28, the RBI said on Friday.

The overall reserves, which have been on a declining spree, had dropped by USD 3.847 billion to USD 524.52 billion in the previous reporting week.

In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused by global developments.

Foreign currency assets (FCA), a major component of the overall reserves, increased by USD 5.772 billion to USD 470.847 billion during the week to October 28, according to the Weekly Statistical Supplement released by the RBI on Friday.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The value of gold reserves increased USD 556 million to USD 37.762 billion.

The Special Drawing Rights (SDRs) were up by USD 185 million to USD 17.625 billion.

The country's reserve position with the IMF also climbed by USD 48 million to USD 4.847 billion in the reporting week, the apex bank data showed.