India’s foreign exchange reserves stood at $699.96 billion as on October 3, data released by the RBI on Friday showed.
For the previous week, foreign exchange reserves stood at $700.24 billion as on September 26.
The Reserve Bank of India routinely monitors developments in the foreign exchange market and undertakes interventions when necessary to preserve orderly trading conditions. Such interventions aim to moderate undue volatility in the rupee’s exchange rate and are not guided by any fixed exchange rate target or band.