The U-turn that India badly wanted! Country’s forex reserves rise for the 1st time in over 2 months

• Shubham
• 14 October, 2022

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By: Shubham Ghosh

India’s foreign exchange reserves rose to $532.87 billion (£476.3 billion) in the week through October 7, the country’s central bank — the Reserve Bank of India’s (RBI) weekly statistical supplement said on Friday (14), Reuters reported.

The reserves rose by $204 million (£182.3 million) from the previous week, the first rise since the week ended July 29.

They were $532.66 billion (£476.1 billion) at the end of the previous week ended September 30.

The rupee settled at 82.35 on Friday, touching another record low of 82.68 on Monday after which the RBI likely intervened on multiple days to fall, as per trading sources.