MUMBAI, Feb 17 (Reuters) - India's foreign exchange
reserves fell 8.3% in the week to Feb. 10, logging
its biggest decline in more than 11 months, the Reserve Bank of
India's (RBI) statistical supplement showed on Friday.
The reserves stood at a one-month low of $566.95 billion at
the end of last week, down from $575.27 billion at the end of
the prior week, during which it fell 1.5%.
The central bank intervenes in the spot and forwards market
to prevent exchange rate volatility. The RBI has said in the
past that changes in reserves also stem from valuation gains or
losses.
Last week, the rupee fell 0.8% against the U.S. dollar, its
biggest such decline in two months, and traded in a thin range
of 82.3400 to 82.7950.
The rupee traded in a 82.5750 to 82.8975 band this week, and
ended at 82.83.
(Reporting by Siddhi Nayak; Editing by Savio D'Souza)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.