India’s foreign exchange reserves fall to a 3-month low of $560 billion

Image for representation.

Image for representation. , Photo Credit: Reuters

India’s foreign exchange reserves fell to $560 billion during the week ended March 10, the lowest since early December, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

The reserves stood at $562.40 billion in the week ended March 3.

The central bank intervenes in the spot and futures markets to contain rapid movements in the exchange rate of the rupee against the dollar. The RBI has said in the past that changes in reserves also result from valuation gains or losses.

Last week, the rupee depreciated 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 had closed at 82.5525 on Friday.


Your email address will not be published. Required fields are marked *