In the week ended January 27, the reserves stood at $576.76 billion. (file)
Mumbai:
India’s foreign exchange reserves declined for the first time in four weeks and stood at $575.27 billion in the week to February 3, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.
Inventories fell 1.5% last week, the biggest decline since the week ended Oct. 21.
In the week ended January 27, the reserves stood at $576.76 billion.
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.
In the week ended February 3, the rupee depreciated 0.7% against the US dollar and traded in a wide range of 81.49 to 82.31.
The rupee recorded its biggest weekly fall in the two months ended February 10 this week, on concerns that a better-than-expected US jobs report could prompt the Federal Reserve to raise its terminal rate.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
featured video of the day
Current account deficit to moderate in second half of 2022-23: RBI governor