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India’s Foreign Exchange Reserve Falls For Second Week In A Row
Reserves had fallen by USD 6.05 billion in the week ending 19 May, the biggest fall in over three months
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India’s foreign exchange reserves fell for a second consecutive week and stood at a one-month low of USD 589.14 billion as of 26 May, the Reserve Bank of India’s (RBI) data showed on Friday.
That was a decrease of USD 4.34 billion from the previous week.
Reserves had fallen by USD 6.05 billion in the week ending 19 May, the biggest fall in over three months.
The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee.
The changes in foreign currency assets, expressed in dollar terms, include the effects of appreciation or depreciation of other currencies held in the RBI’s reserves.
Foreign exchange reserves include India’s Reserve Tranche position in the International Monetary Fund.
The rupee rose 0.1 per cent in the week ended May 26, having traded from 82.5575 to 82.8500.
The rupee ended at 82.3050 on Friday to record its best week in five.