India’s foreign exchange reserves rose to $690.62 billion, up $4.5 billion as of May 9

Data from the Reserve Bank of India on Friday showed that India’s foreign exchange reserves rose by $4.5 billion to $690.62 billion in the week ending May 9.

India’s foreign exchange reserves fell to $686.06 billion in the week ending on May 2, winning an eight-week winning streak that lifted reserves to nearly six-month highs, according to data from the Reserve Bank of India on Friday.

Indian Forex Kitten
Typically, the Reserve Bank of India intervenes in the market from time to time through liquidity management, including selling through the sale of USD, to prevent the depreciation of the rupee. The RBI closely monitors the forex market and interventions, maintaining orderly market conditions only by containing excessive volatility without reference to any predetermined target levels or bands.