What happened: RBI reported higher foreign exchange reserves for the week ended July 31
The Reserve Bank of India (RBI) reported that India’s foreign exchange reserves increased by $10.512 billion to $692.866 billion during the week ended July 31.
RBI also reported that the reserves had risen by $6.118 billion to $682.354 billion in the previous reporting week.
Background and earlier position: reserves peaked in late February and declined during rupee pressure
RBI’s reserves series showed an all-time high of $728.494 billion during the week ended February 27.
After the peak, reserves declined for several weeks. RBI attributed the decline to rupee pressure linked to the West Asia conflict and to RBI forex market intervention through dollar sales.
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