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India Forex Reserves: There is news of relief for India. The continuous decline in foreign exchange reserves has now put a brake on and now there has been an increase in foreign exchange reserves. According to the Reserve Bank of India, in the week ended October 28, 2022, there has been an increase of $ 6.561 billion in foreign exchange reserves and it has increased to $ 531.081 billion. Earlier in the week, foreign exchange reserves had fallen by $ 3.847 billion to $ 524.52 billion.
According to the data released by the RBI, after the week ending October 28, 2022, there has been a big jump in foreign exchange reserves and this is the biggest increase in a year. Foreign exchange reserves stood at $ 531.081 billion with an increase of more than $ 6.5 billion. Foreign currency assets, which are considered a major part of the total reserve, increased by $ 5.772 billion to $ 470.847 billion. In October 2021 last year, the foreign exchange reserves had reached an all-time high of $ 645 billion. But since then there was a sell-off by foreign investors, expensive imports and a steady decline in foreign exchange reserves since the Russia-Ukraine war.
In fact, to save the rupee from falling against the dollar, the RBI had to intervene and sell the dollar, due to which there has also been a decrease in the foreign exchange reserves of the rupee. However, experts believe that the US Federal Reserve has been raising interest rates to curb inflation, which will strengthen the dollar. Foreign investors will continue to sell, which may reduce the forex reserves. Many experts believe that the foreign exchange reserves can fall to $ 510 billion.
Earlier today, there has been a great strength in the rupee. Rupee has strengthened by 46 paise against a dollar and closed at Rs 82.43. The rupee had closed at 82.89 on Thursday.
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