India's FX reserves to rise for latest week despite RBI support, swap maturity: Economists

Economists predict India's foreign exchange reserves likely increased in the week ending August 8, despite the RBI's $5 billion dollar/rupee swap maturity and interventions to stabilize the rupee after new tariffs. Revaluation effects, driven by higher gold prices and a weaker dollar, offset the reserve drain. The RBI's net dollar selling was $5.6 billion, suggesting reliance on non-deliverable forward markets.