India's foreign exchange reserves at 11-week low, down for third week

India's foreign exchange reserves fell for the third straight week to hit an eleven-week low of $561.27 billion as of the week ended Feb. 17, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.
 

The reserves fell by $5.68 billion at the end of last week, data showed.
 

The reserves stood at $566.95 billion in the week to Feb 10, down $8.3 billion from the previous week.

The central bank intervenes in the spot and forwards market to prevent exchange rate volatility. The RBI has said in the past that changes in reserves also stem from valuation gains or