India’s foreign exchange reserves rose by $4.496 billion to reach $702.28 billion for the week ended October 17, data released by the Reserve Bank of India (RBI) showed on Friday.

In the previous week, reserves had increased by $2.176 billion to $697.784 billion.

Foreign currency assets (FCAs), the biggest component of the reserves, however, declined by $1.692 billion to $570.411 billion during the week. FCAs include the effects of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves, the RBI noted.

The value of India’s gold reserves surged by $6.181 billion to $108.546 billion, marking a significant increase and reflecting both price movements in the global bullion market and possible valuation gains due to dollar weakness. Gold reserv

See Full Page