Aug 08, 2024 11:09 AM IST
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
India’s foreign exchange reserves hit a record high of $675 billion as of Aug. 2, Shaktikanta Das, the governor of the central bank, said on Thursday.
The reserves rose by $7.6 billion in the reporting week, as per Reuters’ calculations. They had fallen by $3.5 billion in the prior week, the biggest in over three months.
The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee.
Changes in foreign currency assets are caused by the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
The currency was trading at 83.95 on Thursday, after hitting a record low of 83.9725 in the previous session.