What changed, why it matters, and what most people may be overlooking.
A $45 billion weekly jump took reserves to a record, but policy-driven deposits and RBI forward obligations mean the spot total is not a simple pile of unencumbered dollars.
The RBI has gained a formidable currency buffer, but these deposits and borrowings are not free reserves: liquidity management and future dollar obligations now matter more.
The external deficit remains modest as a share of GDP, but the way India financed its overseas payments changed sharply in the June quarter.