India’s foreign exchange reserves increased by $2.703 billion to $698.192 billion for the week ended July 25, according to data released by the Reserve Bank of India (RBI) on Friday, August 1.

In the prior week, the reserves had seen a decline of $1.183 billion, falling to $695.489 billion.

Breaking down the latest figures:

Foreign Currency Assets (FCA): Rose by $1.316 billion to $588.926 billion. FCA values reflect the impact of currency fluctuations in non-US denominations such as the euro, pound and yen.

Gold Reserves: Increased by $1.206 billion to $85.704 billion.

Special Drawing Rights (SDRs): Grew by $126 million, reaching $18.809 billion.

IMF Reserve Position: Improved by $55 million to $4.753 billion.

The RBI continues to intervene in the currency market to manage volatility and maintain stability but does not target any fixed exchange rate for the rupee.