India’s Reserves Plunge Most in 8 Years as RBI Defends Rupee
- Foreign reserves fell $5.35 billion in week to March 13
- Overseas investors have sold $10 billion of Indian assets
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India’s foreign-exchange reserves plunged the most in about eight years as the central bank stepped in to defend the rupee.
The reserves fell by $5.35 billion to $481.9 billion in the week ended March 13, according to data published by the Reserve Bank of India. That’s the most since November 2011 when the hoard dropped $5.7 billion, according to data compiled by Bloomberg.