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The big jump in India's foreign exchange reserves in the last week of October was likely fuelled by the softer dollar and changes in the central bank's forward book, economists said on Monday.

India's forex reserves rose by $6.5 billion to $531.1 billion in the week through Oct. 28, marking their biggest weekly increase since September 2021, data released by the Reserve Bank of India on Friday showed.

"This is predominantly due to revaluation changes on the back of the decline in the dollar," Vivek Kumar, an economist at QuantEco Research, said.

"Another thing that could have led to this is the changes in RBI's forward reserves."

He estimates revaluation changes can "at best" account for $3 billion of the total change in reserves.