Forex reserves jump by $6.5 bn; largest weekly gain in over a year | Business News,The Indian Express
The country's reserves were $524.52 billion at the end of the previous week that ended Oct. 21.
The reserves had declined by $3.84 in the week ended October 21 and by $4.5 billion in the week ended October 14. There was a marginally increase of $204 million in the week that ended on October 7.
The foreign currency assets (FCA), a major component of the overall reserves, rose by $5.77 billion to $470.84 billion in the reporting week. Even gold reserves increased by $556 million to $37.76 billion.
Experts said the surge in the reserves during the reporting week was on account of valuation gains arising out of depreciation of the US dollar against major currencies.
The US Dollar Index (DXY) has fallen from around 112 at the beginning of October to around 111 at the end of the month.
The index is a measure of the value of the greenback against six major currencies — the Euro, UK Pound, Canadian Dollar, Japanese Yen, Swedish Kroner and Swiss Franc.
https://indianexpress.com/article/business/indias-forex-reserves-post-biggest-year-8249876/
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