India's foreign exchange reserves surged by $12.422 billion to a new all-time high of $729.328 billion during the week ended August 21, marking a sharp build-up in external reserves, official data released by the Reserve Bank of India showed on Friday.
India's previous forex reserve high of $728.494 billion was recorded in the week ended February 27, before the onset of the Middle East conflict. The ensuing geopolitical tensions triggered several weeks of declines as the rupee came under pressure and the RBI stepped in with dollar sales to support the currency.
