India’s forex reserves jump $6.5 billion to $531 billion

The Reserve Bank of India (RBI) reported that India’s foreign exchange reserves increased by $6.5 billion for the week ending October 28 to $531 billion. During that week, the rupee gained 0.25 percent against the dollar.

The increase in reserves is primarily due to an increase in foreign currency assets of $5.7 billion during the week.

Following the RBI’s aggressive intervention in the foreign exchange market as the rupee fell under pressure following the European war, reserves fell by approximately $75 billion in the current fiscal year.