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India’s foreign exchange reserves climbed by $4.5 billion to reach $702.3 billion for the week ending October 17, largely driven by a significant increase in gold holdings, according to data released by the Reserve Bank of India (RBI) on Friday.

Gold reserves, a part of India’s forex reserves, jumped by $6.2 billion to surpass $108.5 billion for the first time. This rise was fueled by higher global gold prices and proactive purchases by the central bank.

In contrast, foreign currency assets, which make up the bulk of the reserves, fell by $1.7 billion to $570.4 billion during the week, affected by volatility in currencies like the euro, pound, and yen. Meanwhile, India’s reserve position with the International Monetary Fund (IMF) slipped slightly by $30 million t

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