Mumbai: The Reserve Bank of India’s foreign exchange reserves registered their sharpest weekly fall in six months last week, as the central bank likely increased market interventions to curb volatility in the rupee’s exchange rate.
The RBI’s foreign exchange reserves were at $594.89 billion in the week ended August 18, down $7.27 billion. The decline was the largest since the week ended February 10, RBI data showed.
The fall in reserves was primarily on account of the RBI’s foreign currency assets, which declined $6.6 billion to $527.79 billion last week.
In the previous week, the rupee depreciated 0.3% against the US dollar, closing at an all-time low of 83.15/$1 on August 17.
