India's forex reserves fall by $3.5 bn
Reserve Bank of India's foreign exchange reserves fell by $3.5 billion to $684.8 billion in the week ended September 25, latest data showed. The central bank likely sold dollars to prevent a sharp depreciation in the rupee, traders said.
Foreign currency assets fell $4.5 billion to $593.7 billion, while gold reserves rose $1 billion to $68.5 billion.
The Indian rupee traded in a narrow range of 84.05/$1 to 84.08/$1 in the week ended September 25, as foreign portfolio investors bought dollars.
Likely dollar sales from the RBI prevented a sharp depreciation in the rupee.
Outflows from Indian stocks and bonds worth $11.5 billion added more pressure on the rupee. The rupee closed at 84.08 per US dollar on September 25, LSEG data showed.
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