India's forex reserves fall to over 3-month low of $560b
An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo
India's foreign exchange reserves INFXR=ECI fell to $560 billion as of the week ended 10 March, their lowest since early-December, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.
The reserves stood at $562.40 billion in the week to 3 March.
The central bank intervenes in the spot and forwards market to prevent runaway moves in the rupee's INR=IN exchange rate against the dollar. The RBI has said in the past that changes in reserves also stem from valuation gains or losses.
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Last week, the rupee fell 0.1% against the dollar as the banking crisis in the United States unfolded, with the currency trading in a range of 81.6150 to 82.2975. The rupee ended at 82.5525 on Friday.
