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India’s foreign exchange reserves fell by $2 billion in the week to March 25 to $617.648 billion, Reserve Bank of India data showed.
This is the third consecutive weekly fall.
The central bank’s intervention by way of dollar sales was the reason behind depletion of forex reserves, experts tracking the forex market said. The RBI’s actions were aimed at mitigating the adverse impact of dollar outflows on rupee.
RBI does not directly say the cause of changes in forex reserves.
In the last three weeks, forex reserves fell by nearly $15 billion.
The foreign currency assets, the most important component in reserves, fell by $3.2 billion to $550.454 billion while reserves held in gold increased by $1.2 billion to $43.241 billion, according to RBI data.
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