India’s foreign exchange reserves stand at $657.16 billion, a record high, The Economic Times reported on July 13, citing data from the Reserve Bank of India.
The report said that in the week ended July 5, India’s foreign exchange reserves rose by $5.16 billion. In the previous week, the reserves fell by $1.71 billion to $652 billion.
“The Reserve Bank of India intervenes in the market from time to time through liquidity management, including sale of US dollars, to prevent sharp depreciation of the rupee.”the message says.
Note that the Reserve Bank (RB) does this only to maintain “orderly market conditions, curbing excessive exchange rate volatility”. This agency does not refer to a predetermined target level or range.
Recall that in the fall of 2021, India’s foreign exchange reserves reached a record level of $645 billion. However, the Central Bank used the currency to stabilize the rupee exchange rate. Last fall, the reserves amounted to $585 billion.
At the same time, Indian oil imports from Russia hit a new high in June due to deep discounts.
Source: Rossa Primavera
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