MUMBAI, Aug 16 (Reuters) - India's foreign exchange reserves (INFXR=ECI) , opens new tab came off record highs and fell to $670.12 billion as of Aug. 9, the central bank said on Friday.

The reserves fell by $4.8 billion in the reporting week, the biggest fall in four months. They had risen by $7.5 billion in the prior week.

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

Changes in foreign currency assets are caused by the RBI's intervention as well as the appreciation or depreciation of foreign assets held in the reserves.

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

In the week to which the foreign exchange data pertains, the rupee had fallen to a record low of 83.9725, and logged its worst weekly fall in more than two months.

The currency settled at 83.94 on Friday, and was flat week-on-week.

FOREIGN EXCHANGE RESERVES (in million U.S. dollars)

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Aug 09 Aug 02

2024 2024

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Foreign currency assets 587,960 592,039

Gold 59,239 60,099

SDRs 18,282 18,161

Reserve Tranche Position 4,638 4,620

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Total 670,119 674,919

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Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx , opens new tab)

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https://www.reuters.com/world/india/indias-foreign-exchange-reserves-come-off-record-highs-2024-08-16/