After falling for four consecutive weeks, the nation’s foreign exchange reserves increased by $2.4 billion for the week ending July 29 as net foreign investors returned to the Indian markets.
A few hours before the formal release time of 5:00 pm on Friday, RBI governor Shaktikanta Das stated in his assessment of the monetary policy statement that “India’s foreign exchange reserves were placed at $ 573.9 billion as on July 29, 2022.”
The Reserve Bank has used its accrued foreign exchange reserves to reduce exchange rate volatility, according to Das. The most recent reserve levels turned around a trend of depletion that had been going on for four weeks running. By July 22, it had dropped from $593 billion as of June 24 to $ 571.5 billion.