FX reserves down $23.12 bn y-o-y

India's foreign exchange reserves fell by $23.12 billion year-on- year in the week ended June 8, data from the Reserve Bank of India (RBI) on Friday showed. During the said week in the previous year, reserves were up by $1.52 billion. Foreign currency assets, a loose indicator of the RBI's intervention in the market, have fallen by $23.92 billion year-on-year in the same week.

The rupee breached several key psychological levels to hit an all-time low of 56.50 per dollar on May 31.

The rupee has been battered in the last two months, owing to worsening trade deficit, dollar outflows as changes in tax policies by the government prompted foreign investors to exit Indian shares and bonds and weak economic outlook.

The RBI has sold more than $17 billion since December to slowdown the rupee's depreciation. The currency has depreciated 4.0% since January and is one of the worst performing currencies of Asia.

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