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India’s foreign exchange reserves increased by $1.15 billion to $585.9 billion in the latest forex report

<p>According to the most recent statistics from the RBI, India’s foreign exchange reserves climbed by $1.153 billion to $585.895 billion for the week ending October 13 after many weeks of fall. The total reserves decreased by $2.166 billion to $584.742 billion over the previous reporting week.</p>
<p>The nation’s foreign exchange reserves hit an all-time high of $645 billion in October 2021. The reserves were depleted as the central bank utilized them to protect the rupee against pressures mostly brought on by global events since last year.<img decoding=”async” class=”alignnone wp-image-248590″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-at-durga-pujo-pandal-sushmita-sen-dances-the-dhunuchi-barefoot-and-the-video-goes-.jpg” alt=”theindiaprint.com at durga pujo pandal sushmita sen dances the dhunuchi barefoot and the video goes” width=”1301″ height=”866″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-at-durga-pujo-pandal-sushmita-sen-dances-the-dhunuchi-barefoot-and-the-video-goes-.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-at-durga-pujo-pandal-sushmita-sen-dances-the-dhunuchi-barefoot-and-the-video-goes–150×100.jpg 150w” sizes=”(max-width: 1301px) 100vw, 1301px” title=”India's foreign exchange reserves increased by $1.15 billion to $585.9 billion in the latest forex report 3″></p>
<p>According to the Weekly Statistical Supplement published by the RBI, the foreign currency assets, a significant part of the reserves, fell by $178 million to $519.351 billion for the week ending October 13.</p>
<p>The value of the gain or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms.</p>
<p>The RBI said that throughout the week, gold reserves increased by USD 1.268 billion to USD 43.575 billion. The apex bank said that the special drawing rights (SDRs) increased by USD 72 million to USD 17.995 billion.</p>
<p>According to statistics from the apex bank, India’s reserve position with the IMF decreased by USD 8 million to USD 4.975 billion during the reporting week.</p>
<p>Dollar This Week</p>
<p>Except for Friday, when it increased to 83.04 before ending at 83.1325, the rupee traded in the 83.21 to 83.28 range the whole week. The US 10-year rates increased to 4.95 percent, nearly reaching 5 percent, while the Dollar Index held steady around 106.23.</p>
<p>Powell gave a hawkish speech on Thursday throughout the week, and generally, US data has been positive, keeping the dollar well purchased versus all other assets with the exception of gold and oil. Due to the tensions in the Middle East, gold and oil prices rose.</p>
<p>The rupee is anticipated to stay weak as the RBI decides its direction and stability in the next week, according to Anil Kumar Bhansali, head (treasury) and executive director of Finrex Treasury Advisors LLP. The currencies of Europe and Asia are weak, and there is a chance that the Middle East tension may expand to Arab nations. We must wait and see what happens during the next week.</p>
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