India's foreign exchange reserves fall $2.4 billion to $560 billion

The domestic currency has experienced turbulence since February due to apprehensions of more rate hikes by the US Federal Reserve

The Reserve Bank of India’s (RBI’s) foreign exchange reserves declined $2.4 billion to $560 billion in the week ended March 10, latest data showed.

The decline in foreign exchange reserves was largely on account of a fall in the RBI’s foreign currency assets, which dropped $2.2 billion to $494.86 billion in the previous week.

Last week, the rupee depreciated 0.1 per cent against the US dollar.

In the week ended March 3, the RBI’s foreign exchange reserves had snapped four consecutive weeks of losses, rising $1.5 billion. Over the past six weeks, the RBI has been selling US dollars to