India’s forex reserves post biggest weekly fall in 11 months

India’s foreign exchange reserves fell by $8.3 billion to $566.95 billion in the week ended February 10 — its biggest weekly fall in 11 months.

According to data released by RBI on Friday, the reserves are at their lowest level since January 6, 2023.

The fall for the second straight week was mainly due to a decline in the foreign currency assets, which dropped $7.1 billion to $500.59 billion.

In the week ended February 10, the rupee lost 0.8 per cent to close at 82.51 per dollar as US jobs data sparked worries of the Federal Reserve raising interest rates for longer than was earlier anticipated.