India’s foreign exchange (forex) reserves dipped by $2.59 billion on March 18, recording a sharp drop for the second consecutive week as the Reserve Bank of India (RBI) heavily sold dollars to prevent a slide in the value of the rupee.

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According to the RBI’s weekly statistical supplement, the country’s forex reserves slumped by $2.597 billion to $619.678 billion during March 18. The value of gold reserves as well as foreign currency assets declined sharply.

This is the second consecutive week of a sharp drop in the country’s forex reserves.

For March 11, India’s forex reserves had slumped by $9.646 billion, the sharpest decline in nearly two years. The sharp decline in the country’s forex reserves coincides with the week during which the rupee hit an all-time low. The Indian rupee plunged to a record low of 77.02 against a US dollar on March 7.