MUMBAI: India's foreign exchange reserves resumed their fall, declining to $529.99 billion in the week through Nov. 4, the Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday.
The country's reserves were at $531.08 billion as of Oct. 28, rising about $6.5 billion during the week likely due to revaluation changes on the back of a softer dollar.
Reserves are down from $632.7 billion at the beginning of this year as the RBI has used some of them to protect the rupee from declining too rapidly this year.
India’s fx reserves jump likely fuelled by revaluation, forward book changes
In the week that ended Nov. 4, the rupee was flat, whereas for the current week it surged 2% to 80.7950 per dollar, its biggest jump since December 2018 as U.S. inflation cooled.
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