Forex Reserves India's forex reserves slumps by $9.64 billion, the biggest drop in last 2 yrs
India's foreign exchange (forex) reserves dipped by $9.646 billion to $622.275 billion in the week ended March 11, the biggest drop in almost two years, as the Reserve Bank of India (RBI) engaged in selling dollars to prevent the erosion in the value of rupee.
The foreign currency assets that account for the biggest component of the forex reserves, decreased by $11.108 billion to $554.359 billion during the week under review, RBI's weekly statistical supplement showed.
During the week under review the rupee hit an all-time low - of 77.02 against a US dollar on March 7.
The RBI intervened in the currency markets by selling dollars and is estimated to have sold $1 billion a day during the week to prevent further weakness in the Indian currency.
India's reserve position in the IMF dropped by $7 million to $5.146 billion during the week ended March 11, the RBI data showed.
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