Forex reserves decline by USD 2.36 billion to USD 583.53 billion

India’s forex reserves declined by $2.36 billion to $583.53 billion during the week ended October 20, according to the Reserve Bank of India data. In the previous reporting week, the overall reserves had increased by $1.153 billion to $585.895 billion. In October 2021, the country’s forex kitty reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.