India's foreign exchange reserves snap 2-week fall

India's foreign exchange reserves snapped a two-week fall and stood at $562.85 billion in the week through December 30, the Reserve Bank of India's statistical supplement showed on Friday.

For the week ended December 23, the country's reserves were at $562.81 billion.

In 2022, the reserves declined by $70.76 billion from $633.61 billion at the end of the previous year.

The central bank has been intervening in the spot and forwards market to protect the rupee and prevent a rapid depreciation. The central bank, in the past, has said that changes in reserves also stem from valuation gains or losses.

The rupee was largely flat in the week to December 30 and traded in a narrow range. In 2022, the rupee declined more than 11 per cent to log its worst yearly performance since 2013.