India’s forex reserves fall $7.05 billion to $709.76 billion as of March 13

India’s foreign exchange reserves declined sharply by $7.05 billion to $709.76 billion for the week ending March 13, according to data released by the Reserve Bank of India (RBI) on Friday.

For the previous week, India’s foreign exchange reserves declined sharply in the week ended March 6, dropping to $716.81 billion from $728.49 billion. The fall of $11.68 billion comes as the central bank intervened heavily in currency markets, selling dollars to support the rupee amid pressure linked to the ongoing Iran conflict and rising global oil prices.

For the week ended March 13, foreign currency assets, a major component of the reserves, fell $7.678 billion to $555.568 billion, the data released by the central bank showed.


Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of gold reserves increased $664 million to $130.681 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down $23 million to $18.697 billion, the apex bank said.

India's reserve position with the IMF was also down by $15 million to $4.814 billion in the reporting week, according to the apex bank's data.