India’s forex reserves rise for the first time in over 2 months

MUMBAI: India’s foreign exchange reserves rose to $532.87 billion in the week through October 7, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.
The country’s reserves rose by $204 million from the previous week, the first increase since the week ended July 29.
The rise in the overall reserves for the week ended October 7 was on account of a sizable increase in the value of the gold holdings, which rose $1.35 billion to $38.955 billion, the RBI said.
In the last reporting week, the overall reserves had dropped by $4.854 billion to $532.664 billion. The reserves had been falling for many weeks now as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments.
Foreign Currency Assets (FCAs), a major component of the overall reserves, saw a drop of $1.311 billion to $471.496 billion during the week ended October 7, according to the Weekly Statistical Supplement released by the RBI on Friday.
The rupee settled at 82.35 on Friday, having touched another record low of 82.68 on Monday after which the RBI likely intervened on multiple days to fall, as per traders.

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