MUMBAI: India’s foreign exchange reserves rose for a third straight week to a record high of $684 billion as of Aug 30, RBI data showed on Friday. The reserves rose by $2.3 billion in the reporting week, after having risen by a total of $11.6 billion in the prior two weeks.
RBI intervenes in the forex market to prevent undue volatility in the rupee. Over the last month, RBI likely bought and sold dollars.
This led to the rupee holding a narrow range for extended periods. During the week, the rupee logged marginal weekly gains against the dollar.