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Foreign exchange reserves fall $2.4 bn to over 3-month low of $560 bn

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

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India's foreign exchange reserves fell to $560 billion as of the week ended March 10, their 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 to March 3.
 
The central bank intervenes in the spot and forwards market to prevent runaway moves in the rupee's exchange rate against the dollar. The RBI has said in the past that changes in reserves also stem from valuation gains or losses.
 
Last week, the rupee fell 0.1% against the dollar as the banking crisis in the United States unfolded,

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 17 2023 | 5:39 PM IST

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