India's forex reserves post biggest weekly decline in over 11 months

India's foreign exchange reserves fell 8.3% in the week to February 10, logging its biggest decline in more than 11 months, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.

The reserves stood at a one-month low of $566.95 billion at the end of last week, down from $575.27 billion at the end of the prior week, during which it fell 1.5%.

The central bank intervenes in the spot and forwards market to prevent exchange rate volatility. The RBI has said in the past that changes in reserves also stem from valuation gains or losses.

Last week, the rupee fell 0.8% against the US dollar, its biggest such decline in two months, and traded in a thin range of 82.3400 to 82.7950.

The rupee traded in a 82.5750 to 82.8975 band this week, and ended at 82.83.