India's foreign exchange reserves fall by $2.5 billion amid aggressive dollar sales by RBI
foreign exchange reserves dipped by $2.5 billion in the week ending February 14 after previous three-weeks of surge as the Reserve Bank of India is said to have sold dollars aggressively to halt the rupee's slide beyond the 88-mark against the US greenback.
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The forex stockpile stood at $635.721 billion at the end of the reporting cycle, about $70 billion less than the peak of $704.885 billion seen on September 27, 2024, RBI data showed.
The central bank's market intervention in the reporting week helped the local currency bounce back from its life-time low of 87.97 a dollar on February 10 to below 87 now, foreign exchange dealers said.
The rupee closed Friday at 86.7125, a tad weaker than the previous closing level of 86.67. The currency opened the day stronger at 86.4750 but came under pressure on month-end dollar demand from importers.
The emerging market currencies in general remained under pressure as foreign portfolio investors are withdrawing their investment in search of safe-havens with the dollar getting stronger following Donald Trump's election as US president.
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