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India's forex reserves down $2.06 billion

By FnF Correspondent | PUBLISHED: 21, Mar 2015, 15:48 pm IST | UPDATED: 21, Mar 2015, 15:48 pm IST

India's forex reserves down $2.06 billion

Mumbai: India's foreign exchange reserves decreased by $2.06 billion to $335.72 billion for the week ended March 13, Reserve Bank of India (RBI) data showed.

According to analysts, the Indian reserves fell on the back of a rally in the US dollar and that major non-dollar currencies were trading at their weekly lows. The Indian reserves hold nearly 20-25 percent of the non-dollar currencies.

"The fall in foreign reserves can be attributed to a sharp rally in the US dollar. This had an effect on the major non-dollar currencies which were trading to their weekly lows," Anindya Banerjee, senior manager, currency derivatives, Kotak Securities told.

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