India’s foreign exchange reserves fell for a third consecutive week and stood at a more-than-seven-month low of $644.39 billion as of Dec. 20, data from the Reserve Bank of India (RBI) showed on Friday. <\/small><\/p>\n\n\n\n
The reserves declined by $8.5 billion in the reporting week, logging their biggest weekly fall in over a month. They had declined by a total of $5.2 billion in the prior two weeks. <\/small><\/p>\n\n\n\n
Changes in foreign currency assets are caused by the central bank’s intervention in the forex market as well as the appreciation or depreciation of foreign assets held in the reserves. <\/small><\/p>\n\n\n\n
The RBI intervenes on both sides of the forex market to curb undue volatility in the rupee.<\/p>\n\n\n\n
Last week, the rupee declined 0.2 per cent and also hit a then all-time low of 85.10 per US dollar.<\/p>\n\n\n\n
Since slipping below the 84 handle in mid-October, the rupee has been on a downward spiral amid concerns over India’s growth slowdown, foreign outflows, US President-elect Donald Trump’s trade policies and a hawkish Federal Reserve. <\/small><\/p>\n\n\n\n
Regular interventions from the RBI have, however, kept the rupee’s decline in check. <\/small><\/p>\n\n\n\n
The domestic unit settled at 85.5325, down 0.3 per cent on the day, its worst single-day fall since June 4. The rupee was down nearly 0.3 per cent on the week, its eighth consecutive weekly fall.<\/p>\n\n\n\n
The forex reserves also include India’s reserve tranche position in the International Monetary Fund.<\/p>\n\n\n\n
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