MUMBAI: India’s foreign exchange reserves eased from over-nine-month highs and stood at $584.25 billion for the week ended April 21, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

That is a decrease of $2.16 billion from the previous week. Reserves had gone up by a total of nearly $8 billion in the prior two weeks.

The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee. Changes in forex reserves also stem from valuation gains or losses.

India’s forex reserves jump to 9-month high at $584.76bn

For the reported week, the rupee had ended 0.3% lower against the U.S. dollar and snapped a four-week rising streak. The Indian currency traded in a narrow range of 81.8775 to 82.2425.

The rupee closed at 81.8250 on Friday in the week ending April 28, clocking 0.33% gains against the dollar over the period.