India’s foreign exchange reserves at fresh record high

India’s foreign exchange reserves have risen to a new record high of $666.9 billion as of July 12th, data by the Reserve Bank of India showed.

The result was attributed to a strong influx of foreign exchange into the country’s economy, since robust growth and the long-awaited inclusion of Indian assets into JPMorgan’s emerging market debt index underpinned foreign investment.

Also, weaker Asian currencies, including the Yuan, the Yen and the Won prompted the Reserve Bank of India to prioritize the competitiveness of Indian exports and limited intervention through foreign currency selling from the bank.

The USD/INR currency pair settled 0.14% higher at 83.7040 on Friday. For the week, the exotic currency pair went up 0.25%.