India’s forex reserves fall by $6.92 billion to $695.36 billion

For the previous week, foreign exchange reserves rose by $4.496 billion to $702.28 billion for the week ending 17 October, mainly driven by an increase in the value of gold reserves, the Reserve Bank of India (RBI) said on Friday.

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.