MUMBAI, March 3 (Reuters) - India's foreign exchange
reserves fell for the fourth straight week to a
three-month low of $560.94 billion as of the week ended Feb. 24,
the Reserve Bank of India's (RBI) statistical supplement showed
on Friday.
The reserves were down by $330 million at the end of last
week, after falling by a total of $15.5 billion in the previous
three weeks, data showed. The reserves stood at $561.27 billion
in the week to Feb. 17.
The central bank intervenes in the spot and forwards market
to prevent runaway moves in the rupee's exchange rate
against the dollar. The RBI has said in the past that changes in
reserves also stem from valuation gains or losses.
The RBI has likely been selling dollars to prevent the rupee
from falling below 83 to the dollar, forex market participants
told Reuters.
Last week, the rupee was marginally higher against the
dollar, outperforming Asian peers, and traded in a thin range of
82.6100 to 82.8525.
The rupee ended at 81.9650 on Friday, posting its biggest
weekly rise in nearly two months.
(Reporting by Siddhi Nayak; Editing by Varun H K)
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.