India’s foreign exchange reserves decreased by $396 million to $702.57 billion as on September 19, data released by the Reserve Bank of India (RBI) showed on Friday.
The reserves had surged by $4.69 billion to $$702.9 billion for the week ending September 12; while it had touched a record high of $704.885 billion in end-September 2024.
The RBI, from time to time, intervenes in the forex market through liquidity operations — including the sale of dollars — to curb sharp volatility in the rupee. Officials emphasize that such interventions are aimed at maintaining orderly market conditions rather than targeting a specific exchange rate level or band.