India's foreign exchange reserves post biggest weekly fall in 10 months

RBI likely sold dollars to shield rupee amid Fed hike concerns

The RBI’s foreign exchange reserves fell by $8.3 billion to $566.95 billion in the week ended February 10, marking the sharpest weekly fall since April 1, 2022. The reserves are at their lowest level since January 6, 2023. 

The fall for the second straight week was primarily on account of a fall in the foreign currency assets, which drop­ped $7.1 billion to $500.59 billion.

In the week ended February 10, the rupee shed 0.8 per cent to close at 82.51 per dollar as unexpectedly strong US jobs data sparked worries of the Federal Reserve raising interest rates for longer