India's forex reserves rise to $698.95 billion, up $2.29 billion as of June 13
India's forex reserves increased by $2.29 billion to $698.95 billion for the week ending June 13, data by the
Reserve Bank of India
showed on Friday.
India's
foreign exchange reserves
stood at $696.66 billion as of June 6, up $5.17 billion from the previous week.
The forex reserves had touched an all-time high of $704.885 billion in end-September 2024.
For the week ending on June 13, foreign currency assets, a major component of the reserves, increased $1.73 billion to $589.42 billion, the data released on Friday showed. Expressed in dollar terms, the
foreign currency assets
include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.
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The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.
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