Forex reserves break 5-week rally, drop to $563 billion

For the week ending December 9, the country’s reserves stood at $564.07 billion. (File)

Mumbai:

India’s foreign exchange reserves broke a five-week streak of gains and fell to $563.5 billion in the week to December 16, additional Reserve Bank of India (RBI) statistics show. on Friday.

For the week ending December 9, the country’s reserves stood at $564.07 billion. Overall, they’re down from $632.7 billion at the start of this year. The central bank intervened in the spot and futures markets to protect the rupee and prevent a rapid devaluation.

The rupee has been volatile against the dollar in recent trading sessions. For the week to December 16, the Indian unit was down 0.7% and trading in a range of 82.3975 to 82.8900. So far in 2022, the rupee is down more than 11% and is on track to record its worst annual performance since 2013.

The RBI largely reduced its holdings of dollar futures at the end of October, according to data published in the central bank’s monthly newsletter. The RBI said its net dollar futures holdings stood at $241 million at the end of October, compared with $10.42 billion at the end of September and $65.79 billion at the end of March.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)