India's foreign exchange reserves jump $6.5 billion to $531 billion

India’s foreign exchange reserves increased $6.5 billion for the week ended October 28 to $531 billion, latest data released by the Reserve Bank of India (RBI) showed. The rupee appreciated 0.25 per cent against the dollar during that week.

The increase in reserves is mainly due to a rise in foreign currency assets that went up by $5.7 billion during the week.

Following RBI’s aggressive intervention in the foreign exchange market as the rupee came under pressure since the war in Europe, the reserves fell by around $75 billion in the current financial year.