The reserves had grown by USD 495.5 million to USD 314.17 billion for the week ended October 24. According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose by USD 2.03 billion at USD 290.36 billion in the week under review.

The foreign currency assets had increased by USD 532.2 million at USD 288.33 billion in the previous week. The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

India's reserve position with the International Monetary Fund (IMF) was down USD 7 million to USD 1.53 billion. The value of special drawing rights (SDRs) was lower by USD 19.5 million at USD 4.27 billion. The value of gold reserves was static since October 3 at USD 20.01 billion, declined by 275 million at USD 19.73 billion for the week ended October 31.

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