India's forex reserves hit new record high of $683.99bn

India's forex reserves hit new record high of $683.99bn

US dollars / Unsplash - engin akyurt

By bno - Mumbai Office September 8, 2024

India's foreign exchange reserves rose by $2.3bn, reaching a new record high of $683.99bn in the week ending August 30, according to the latest data from the Reserve Bank of India (RBI).

In the previous week, ending August 23, the reserves had surged by $7.023bn to $681.688bn. Prior to that, the country's forex reserves had climbed by $4.546bn, totalling $674.664bn in the week ending August 16, as reported by the RBI.

During the week ending August 30, foreign currency assets saw an increase of $1.4bn, bringing the total to $599.03bn. However, India's reserve position with the International Monetary Fund dropped by $54mn, settling at $4.62bn.

The RBI periodically intervenes in the foreign exchange market, selling dollars to manage liquidity and prevent significant depreciation of the rupee. These interventions are aimed at maintaining orderly market conditions and controlling excessive volatility in the exchange rate, without targeting any specific level or range.

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