India’s foreign exchange reserves fell below the $400bn-mark in the week to September 07 for the first time since November, according to RBI data. The fall comes amid the Reserve Bank of India’s (RBI) efforts to shore up Asia’s worst-performing currency.
India's dollar reserves fell $819.5mn to $399.3bn as of September 7, RBI data released on Friday evening show.
The Indian central bank has been selling the US dollar to counter the fall in the local currency, which had crossed the 72-mark for the first time earlier this week.
The local unit has rebounded from a historic low of 72.18 vs the US greenback to close at 71.84 on September 14.
-With inputs from Agencies