India’s foreign exchange reserves snapped a three-week gaining streak to drop to $635.72 billion as of February 14, coming off over one-month highs, data released by the central bank on Friday showed.

The reserves fell by $2.54 billion in the reported week, the most in a month. The reserves had risen by a total of $14.3 billion in the prior three weeks.

Changes in foreign currency assets are caused by the central bank’s intervention in the forex market as well as the appreciation or depreciation of foreign assets held in the reserves.

The rupee has been under pressure amid India’s sluggish economic growth, a recent interest rate cut, foreign outflows from local stocks and concerns of a global trade war following U.S. President Donald Trump’s tariff plans.

In the week for which the reserves data pertains, the rupee slipped to its all-time low of 87.95 against the dollar, but the fall was limited as the central bank intervened by selling dollars in the spot market, traders said.

India’s FX reserves rise to over one-month high on revaluation gains

The intervention helped the rupee gain 0.7% during the reported week, the most since mid-July 2023.

The domestic unit ended at 86.7125 against the dollar on Friday and was up 0.1% on week.

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

Foreign exchange reserves (in million US dollars)--------------------------------------------------                              Feb 14       Feb 07                               2025         2025--------------------------------------------------Foreign currency assets      539,591      544,106Gold                          74,150       72,208SDRs                          17,897       17,878Reserve Tranche Position       4,083        4,069--------------------------------------------------Total                        635,721      638,261--------------------------------------------------