Despite withdrawal by foreign investors from the market, India’s foreign exchange reserves increased by $2.579 billion to $586.111 billion during the week ended on October 27, the Reserve Bank of India said on Friday.
A $5 billion dollar-rupee swap conducted by the RBI last year, where it sold dollars and bought rupees, matured on October 23, leading to a reversal of the trade. The reserves data for the week reflects the impact of this maturity.
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