India forex reserves hit record high as they jump by $12.4 billion

India's forex reserves hit an all-time high of $729.3 billion as they rose by $12.4 billion in the week ending August 21, surpassing the previous record of $728.5 billion set in February. The jump was a result of multiple RBI measures, including a special deposit program for overseas citizens. The steps helped India avoid a third year of forex deficit.