Forex Reserves Fall To $575.27 Billion, Snap 3-Week Rise

India’s foreign exchange reserves fell for the first time in four weeks and stood at $575.27 billion in the week through Feb. 3, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

The reserves dropped 1.5% last week, their biggest such drop since the week ended Oct. 21.

In the week to Jan. 27, the reserves stood at $576.76 billion.

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.

In the week to Feb. 3, the rupee fell 0.7% against the U.S. dollar and traded in a wide range of 81.49 to 82.31.

The rupee logged its biggest weekly drop in two months this week, ending Feb. 10, on worries that the better-than-expected U.S. jobs report may prompt the Federal Reserve to raise its terminal rate.

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