India's forex reserves up by $708 million, at $602.16 billion as on August 11

economictimes.indiatimes.com:

foreign exchange reserves are up by $708 million to $602.161 billion for the week ending August 11, latest data by the Reserve Bank of India (RBI) showed on Friday. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) increased by $999 million to $534.40 billion.

Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.Gold reserves dipped by $340 million to $44.34 billion, while SDRs were up by $51 million to $18.32 billion. Reserve position in the IMF decreased by $2 million to $5.10 billion.

Previously, forex reserves fell by $2.41 billion to $601.5 billion for the week ended on August 4. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. 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.