India’s forex reserves fall to over one-year low as central bank mounts rupee defence
MUMBAI, May 29 (Reuters) – India’s foreign exchange reserves (INFXR=ECI), fell to a more than one-year low of $681.4 billion in the week ended May 22, from $688.89 billion a week earlier, the Reserve Bank of India (RBI) data showed on Friday. The $7.5 billion decline was largely due to a $4.5 billion fall in the value of the central bank’s gold holdings, week-on-week. The value of the RBI’s foreign currency assets also shrunk by nearly $3 billion to $543 billion. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies in