Forex reserves reach record high of $689.46 billion: RBI

India's foreign exchange reserves continued their upward trend for the fifth consecutive week, reaching an all-time high of $689.46 billion as of September 13, according to the Reserve Bank of India ( RBI ). This increase of $220 million in the latest reporting week follows a substantial rise of $19.1 billion over the previous four weeks.

The foreign currency assets within the reserves are influenced by the RBI's interventions, as well as the fluctuations in the value of these foreign assets. The central bank actively engages in the foreign exchange market to mitigate excessive volatility in the Indian rupee.

Additionally, the reserves incorporate India's reserve tranche position with the International Monetary Fund (IMF).

During the week ending September 13, the Indian rupee appreciated by approximately 0.1%, marking its strongest weekly performance since late June, and settled at 83.5625 against the dollar. This week's gain of nearly 0.4% is the highest recorded for the rupee this year.