India's forex reserves down by $9.32 billion to $688.87 billion as of August 1

India's foreign exchange reserves experienced a significant decline of $9.32 billion, settling at $688.87 billion for the week ending August 1, according to RBI data. This decrease follows a previous week's increase of $2.7 billion. The RBI actively monitors the foreign exchange market and intervenes to maintain orderly trading conditions, focusing on managing rupee volatility without targeting specific exchange rates.