India’s foreign exchange reserves fell to $560 billion in the week ending March 10, their lowest level since early December, the Reserve Bank of India’s (RBI) statistical replenishment showed on Friday.
Reserves totaled $562.40 billion in the week ending March 3.
The central bank intervenes in the spot and futures markets to prevent the exchange rate of the rupee from spiraling against the dollar. The RBI has said in the past that changes in reserves also stem from valuation gains or losses.
Last week, the rupee fell 0.1% against the dollar as the United States banking crisis unfolded, with currency trading between 81.6150 and 82.2975. The rupee closed at 82.5525 on Friday.
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