๐ฐ India's forex reserves hit $707 billion mark
India's foreign exchange reserves climbed by $14.136 billion to reach $707.002 billion in the week ending August 7. This increase was driven by strong inflows attracted by RBI's forex swap measures. The reserves were previously at $692.866 billion for the week ending July 31. These positive movements follow July measures like the FCNR(B) deposit scheme, which have brought in around $40 billion. The RBI is actively managing the currency market after earlier declines due to global conflicts. ๐