Forex kitty grows $6 billion as dollar count rises
India's foreign exchange reserves rose by $6.1 billion to $682.3 billion for the week ending July 24, driven by inflows from the Reserve Bank of India's FCNR(B) deposit scheme. This increase occurred despite the central bank's significant dollar sales to stabilize the rupee, which closed near its record low of 96.56. Analysts suggest that the inflows from FCNR(B) deposits helped offset the dollar sales aimed at defending the currency's value.