India's foreign exchange reserves reached a record high of 681.6 billion 90 million dollars.

India's foreign exchange reserves increased for the second consecutive week, reaching a record high of 681.6 billion 90 million dollars as of August 23.

Foreign exchange reserves increased by 7 billion dollars during the reporting week. The previous week saw an increase of 4.5 billion dollars.

The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excessive fluctuations in the rupee.

Fluctuations in foreign currency assets are caused by RBI intervention and changes in foreign assets held in foreign exchange reserves.

Foreign exchange reserves also include India's reserve position in the International Monetary Fund (IMF).

For the week ending August 23, the rupee traded in a range of 83.7550 to 83.9650 and recorded a slight increase for the week.

The rupee settled at 83.8625 on Friday, declining for the second consecutive month.

Foreign currency reserves (in millions of US dollars)