What happened: RBI-reported reserve build-up in the week ended July 31
RBI-reported foreign exchange reserves increased by $10.512 billion to $692.866 billion for the week ended July 31.
The prior week also saw an increase of $6.118 billion in foreign exchange reserves.
Background and earlier position: earlier peak and conflict-era rupee pressure
Foreign exchange reserves reached an all-time high of $728.494 billion in the week ended February 27, linked in the note to rupee pressure during the West Asia conflict and RBI intervention through dollar sales.
What changed now: rise in foreign currency assets and reserve-component interpretation
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