Foreign Exchange Reserves Decline To 3-Month Low Of $560 Billion

Reserves stood at $562.40 billion in the week to March 3. (file)


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’s (RBI) statistical supplement showed on Friday.

Reserves stood at $562.40 billion in the week to March 3.

The central bank intervenes in the spot and forwards market to prevent a fall in the rupee’s exchange rate against the dollar. RBI has said in the past that changes in reserves are also driven by valuation gains or losses.

Last week, the rupee fell 0.1 percent 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 at 82.5525 on Friday.

(Other than the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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