 "India's forex reserves hit record high of $670.86 billion")
The Reserve Bank of India data showed on Friday that foreign exchange reserves rose for a third straight week, hitting a lifetime high of $670.86 billion as of July 19. The reserves climbed by $4 billion this week, after rising by a total of $14.9 billion in the prior two weeks.
Changes in foreign currency assets are caused by the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in its reserves.
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
In the week to which the foreign exchange data pertains, the rupee had logged a record closing low, and was down week-on-week.
The RBI has been defending the rupee during periods of volatility.
The currency settled at 83.7275 on Friday at an all-time low, extending its losing streak to the fourth straight week.
With inputs from PTI.
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