India's forex reserves dip by $1.71 bn to $652 bn
forex reserves dipped by $1.71 billion to $652 billion as of June 28, data shared by the Reserve Bank of India showed on Friday.
Previously, forex reserves rose by $816 million to $653.7 billion for the week ending on June 21.
Forex reserves expanded by $4.3 billion to hit a record high of $655.82 billion on June 7 this year.
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.
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