India's forex reserves drop to $593.75 billion

India's foreign exchange reserves fell to $593.75 billion as of June 9, the Reserve Bank of India's (RBI) data showed on Friday. That was a decrease of $1.3 billion from the previous week. Reserves had risen by $5.9 billion in the week to June 2.

The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee . The changes in foreign currency assets, expressed in dollar terms, include the effects of appreciation or depreciation of other currencies in the RBI's reserves.

Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. The rupee fell 0.2% in the week ended June 9, having traded in a range of 82.4075 to 82.6800. The rupee ended at 81.93 on Friday, and logged its best weekly gains in over three months.