INDIA'S FOREX RESERVES RISE BY $2.58B TO $586.11B

India’s foreign exchange reserves saw a notable increase of $2.579 billion, reaching $586.111 billion in the week ending October 27, as reported by the Reserve Bank of India on November 3.

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This positive development comes after a slight decline in the previous reporting week, where the reserves dropped by $2.363 billion to $583.532 billion.

It is worth noting that in October 2021, India’s foreign exchange reserves had reached an all-time high of $645 billion. Since then, the reserves faced a gradual decline, primarily due to the central bank’s deployment of foreign currency reserves to defend the Indian rupee amid pressures caused by various global developments over the past year.