The forex reserves had increased to an all-time high of $704.885 billion in end-September.
The reserves had been on a declining trend, and the drop has been attributed to revaluation, along with forex market interventions by RBI to help reduce volatilities in the rupee. However, RBI reported on February 7 that India’s foreign exchange reserves as of January 31 had stood at $630.6 billion, up $1.05 billion from week ending January 24.
India’s forex kitty
The central bank releases India’s forex reserves’ data every Friday, closely monitoring the economic indicator of foreign trade.
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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.
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.
Content Source: economictimes.indiatimes.com