India’s forex reserves drop to one-month low of $593.2bn in week to June 23

MUMBAI: India’s foreign exchange reserves dropped to a one-month low of $593.2 billion in the week to June 23, data from the Reserve Bank of India (RBI) showed on Friday.

That was a decrease of $2.9 billion from the previous week. Reserves had risen by $2.35 billion in the week to June 16.

The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee.

The changes in foreign currency assets, expressed in dollar terms, include the effects of appreciation or depreciation of other currencies held in the RBI’s reserves.

India’s forex reserves rise to $596.10bn in week to June 16

Foreign exchange reserves include India’s Reserve Tranche position in the International Monetary Fund.

The rupee fell 0.1% in the week ended June 23 and traded in a range of 81.8900 to 82.1675.

It ended at 82.0375 on Friday and logged its best month since January.