India Adds $136.4B to Forex Reserves

India attracted $136.4 billion in foreign exchange up to the end of August to strengthen its reserves and support the rupee, with most of the inflows directed through the Foreign Currency Deposit Scheme for non-residents, in addition to Indian banks borrowing from abroad. The Reserve Bank of India increased foreign exchange reserves to a record level of around $729 billion in August, enhancing the country's ability to intervene in the currency market to face market fluctuations. However, these large inflows could lead to an excess of liquidity in the banking system, necessitating measures to control liquidity and stabilize the currency.

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