India’s foreign exchange reserves surged to a record high of $729.3 billion in the week ended August 21, providing the Reserve Bank of India (RBI) with greater firepower to manage pressure on the rupee amid elevated oil prices and global economic uncertainties. 

According to data released by the RBI on Friday, the country’s forex reserves increased by $12.4 billion during the week, surpassing the previous record of $728.5 billion registered in February.