India’s forex reserves dip by $1.18 bn to $695.49 bn for the week ending July 18

Previously, India’s forex reserves dipped by $3.06 bn to $696.67 billion for the week ending July 11, data by the Reserve Bank of India showed on Friday.

Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.