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India’s forex reserves dropped by $10.288 billion to $688.058 billion during the week ended March 27, the Reserve Bank of India (RBI) .
In the previous reporting week, the overall reserves had declined by $11.413 billion to $698.346 billion.
The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year, before the onset of the West Asia conflict. The rupee has come under pressure since the start of the West Asia conflict, and the RBI has been intervening in the forex market through dollar sales and has also taken some surprising policy measures to harness the fall.
For the week ended March 27, foreign currency assets, a major component of the reserves, decreased by $6.622 billion to $551.072 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
Value of gold reserves decreased by $3.666 billion to $113.521 billion during the week, the RBI said
