Bombay:
India’s foreign exchange reserves fell for the first time in four weeks, reaching $575.27 billion in the week through Feb. 3, the Reserve Bank of India (RBI) statistical supplement showed on Friday.
Reserves fell 1.5% last week, their biggest drop since the week ending Oct. 21.
In the week ending January 27, reserves were $576.76 billion.
The central bank intervenes in the spot and futures markets to prevent exchange rate volatility. The RBI has said in the past that changes in reserves also stem from valuation gains or losses.
In the week ending Feb. 3, the rupee fell 0.7% against the US dollar, trading in a wide range from 81.49 to 82.31.
The rupee registered its biggest weekly drop in two months this week, ending Feb. 10, amid fears the better-than-expected US jobs report could prompt the Federal Reserve to raise its closing rate.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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