India’s foreign exchange reserves fell to $560 billion in the week ended March 10, the lowest since early December, the Reserve Bank of India (RBI) statistical supplement showed on Friday.
Reserves for the week ended March 3 were $562.40 billion.
The central bank intervenes in the spot and futures markets to prevent runaway movements in the exchange rate of the rupee against the dollar. RBI has stated in the past that changes in reserves also result from valuation gains or losses.
Last week, the rupee fell 0.1% against the dollar as the banking crisis unfolded in the United States, with the currency trading in a range of 81.6150 to 82.2975. The rupee ended Friday at 82.5525.
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