Forex reserves rise to $532.87 bn for the first time in over 2 months

The Reserve Bank of India’s (RBI) weekly statistical supplement showed that India’s foreign exchange reserves increased to $532.87 billion in the week through Oct. 7.

The reserves of the country increased by $204 million from the previous week, the first increase since the week ended July 29.

They stood at $532.66 billion at the end of the previous week, which ended on September 30.

The rupee settled at 82.35 on Friday, having hit another record low of 82.68 on Monday, after which the RBI likely intervened on multiple days to allow the currency to fall, according to traders.

Source:BS