India's forex reserves rise to $698.19 billion, up $2.7 billion as of July 25

India's forex reserves increased by $2.7 billion to $698.19 billion for the week ending July 25, data by the Reserve Bank of India showed on Friday.

Previously, India's forex reserves had dipped by $3.06 billion to $696.67 billion for the week ending July 18.

Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.

The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.