India's forex reserves drop $5.9 bn in a week as RBI sells dollars

India’s foreign exchange reserves declined $5.9 billion to $590.59 billion for the week ended June 17, latest data released by the Reserve Bank of India (RBI) showed.

The fall in total reserves was mainly because of a decline in foreign currency assets worth $5.4 billion, the data showed.

In two weeks, the country’s foreign exchange reserves have dropped over $10 billion as the central bank stepped up intervention in the foreign exchange market. The RBI has been selling dollars to curb excessive volatility in the exchange rate and prevent runaway depreciation in the rupee. Reserves depleted by $4.6 billion in