Mumbai, 11/3: India’s foreign exchange reserves rose by $ 1.46 billion to $ 562.4 billion as of March 3, arresting the four successive weeks of fall, the Reserve Bank of India said.
The forex reserves had fallen by $15.8 billion during the preceding four weeks. In the previous week ending February 24, the reserves had declined by $325 million to $560.942 billion, and the week before by a whopping $5.68 billion, showed the Reserve Bank of India (RBI) data.
The worst drop was in the week to February 10 when the reserves plunged by a steep $8.32 billion to $ 566.95 billion.
The reserves have been falling as the rupee has been under pressure and the monetary authority has been taking measures to defend the currency from extreme volatility. In 2022 the cost of defending a falling rupee was over $115 billion of the reserves.
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