India's foreign exchange reserves at $692.9B after $10.5B rise
India's foreign exchange reserves are getting close to their all-time high, thanks to steady money coming in and the Reserve Bank of India stepping up.
Last week alone, reserves jumped by $10.5 billion, reaching $692.9 billion, the sharpest weekly increase since the end of January and not far from February's record of $728.5 billion.
Diaspora and overseas $40.8B boost reserves
For five weeks straight, the reserves have been rising, mostly due to $40.8 billion in foreign currency deposits from its diaspora and overseas borrowing since June.
This has helped make the rupee stronger; it's up 1.8% since hitting a low in May.
Analysts think reserves could hit about $730 billion by September if gold and other assets stay steady, though the Reserve Bank of India's moves might keep things from going much higher after that.