Forex reserves dip $1.5 bn to $575.27 bn on depletion in currency assets

Analysts say RBI sold dollars to protect rupee amid Adani crisis

The Reserve Bank of India’s foreign exchange reserves declined by $1.5 billion to $575.27 billion in the week ended February 3, latest central bank data showed.

The drop in the RBI’s reserves was largely on account of a decline in the central bank’s foreign currency assets, which fell $1.3 billion to $507.69 billion in the previous week, the data showed.

In the week ended February 3, the rupee shed 0.4 per cent to the dollar, ending at 81.84 per dollar.

According to analysts, the fall in reserves last week was likely owing to dollar sales by the RBI as it