Forex reserves drop 1st time in 8 weeks

MUMBAI: India's foreign exchange reserves fell for the first time in eight weeks to $643.2 billion as of April 12 from 648.6 billion - a drop of $5.4 billion.
This is the steepest fall over three months, after rising $32.5 billion in the previous seven weeks. The decline comes after the RBI sold dollars in the foreign exchange market when the rupee came under pressure due to geopolitical tensions in West Asia, coupled with indications that interest rates in the US may remain higher for longer.
Changes in foreign currency assets result from the RBI's intervention and fluctuations in the value of foreign assets. The domestic currency, which had weakened to 83.54, closed at 83.47 on Friday. During the reported week, the rupee depreciated by 0.1% against the dollar.