India’s foreign exchange reserves fell 8.3% in the week ended February 10, recording its biggest drop in more than 11 months, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.
Reserves stood at a one-month low of $566.95 billion at the end of last week, down from $575.27 billion at the end of the previous week, during which it fell 1.5%.
The central bank intervenes in the spot and futures markets to contain exchange rate fluctuations. The RBI has said in the past that changes in reserves also result from valuation gains or losses.
Last week, the rupee fell 0.8% against the US dollar, its biggest fall in over two months, and traded in a thin range of 82.3400 to 82.7950.
The rupee traded in the band of 82.5750 to 82.8975 this week and closed at 82.83.
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