GUWAHATI: India's foreign exchange reserves reached a record high of $689.46 billion as of September 13, surging for the fifth consecutive week.
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According to recent data released by the Reserve Bank of India (RBI), the reserves increased by $220 million, building on a substantial $19.1 billion rise over the previous four weeks.
This rise in forex reserves can be attributed to the RBI's intervention in the foreign exchange market, aimed at curbing excessive volatility in the rupee. Fluctuations in foreign currency assets, which make up the bulk of the reserves, are influenced by both the central bank's market actions and changes in the value of the foreign assets held.
During the week ending September 13, the Indian rupee grew by nearly 0.1% in comparison to the U.S. dollar, thereby marking its best weekly performance since late June.
For now, the RBI continues to intervene on both sides of the market to maintain stability in the rupee’s value.