On of July 7, India’s foreign exchange reserves increased by $1.23 billion, bringing the total to $596.2 billion, according to Reserve Bank of India figures released on Friday.
It should be mentioned that the nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021. The reserves have been dropping as the central bank uses its funds to defend the rupee against pressures mostly brought on by international events.
In order to stop a sharp depreciation of the rupee, the RBI often occasionally intervenes in the market through liquidity management, including by selling dollars.
Without taking into account any pre-established target level or band, the RBI regularly monitors the foreign exchange markets and only intervenes to prevent undue volatility in the exchange rate and preserve orderly market conditions.
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