India’s Forex Reserves Hit Record $729.3 Billion On Strong Dollar Inflows, Boosting RBI’s Firepower

India’s forex reserves surged $12.4 billion to a record $729.3 billion in the week ended August 21, supported by strong foreign currency inflows. Around $72.8 billion entered through a special diaspora deposit programme, strengthening India’s external position and giving the RBI greater room to support the rupee amid global uncertainty.