evidence: India's foreign exchange reserves surged past $700 billion for the first time in the week ending September 27, reaching a record $705 billion, according to official data. This stockpile, the fourth-largest in the world, has been bolstered by foreign inflows into the nation's stocks and bonds. The Reserve Bank of India (RBI) has used these reserves to stabilize the rupee, preventing extreme fluctuations in the currency, which remains near a record low.