Forex reserves drop by $10.29bn to $688bn

Mumbai: India’s forex reserves dropped by USD 10.288 billion to USD 688.058 billion during the week ended March 27, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined by USD 11.413 billion to USD 698.346 billion. The kitty had expanded to an all-time high of USD 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 USD 6.622 billion to USD 551.072 billion, the central bank’s data showed.