India’s forex reserves post biggest weekly gain in more than a year

India’s foreign exchange reserves rose to $531.08 billion in the week through October 28, marking their biggest weekly gain since September 2021, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.

The country’s reserves were $524.52 billion at the end of the previous week that ended October 21.

They have declined about 16% this year so far due to the RBI’s intervention in the currency markets, as well as valuation changes owing to the dollar’s strength.

In the holiday-shortened week that ended October 28, the rupee rose to snap a run of six weeks of declines. For the current week, it closed flat at 82.44 per dollar.

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