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India's foreign exchange reserves post biggest weekly fall in 10 months

RBI likely sold dollars to shield rupee amid Fed hike concerns

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Dealers said that the RBI had likely been intervening through dollar sales in the non-deliverable forwards market over the past week in order to rein in excessive volatility in the exchange rate

Bhaskar Dutta Mumbai
The RBI’s foreign exchange reserves fell by $8.3 billion to $566.95 billion in the week ended February 10, marking the sharpest weekly fall since April 1, 2022. The reserves are at their lowest level since January 6, 2023. 

The fall for the second straight week was primarily on account of a fall in the foreign currency assets, which drop­ped $7.1 billion to $500.59 billion.

In the week ended February 10, the rupee shed 0.8 per cent to close at 82.51 per dollar as unexpectedly strong US jobs data sparked worries of the Federal Reserve raising interest rates for longer