Reserves for India's foreign exchange fell by $560 billion in a three-month period

According to the Reserve Bank of India's (RBI) statistical supplement, India's foreign exchange reserves fell to $560 billion as of March 10.

A total of $562.40 billion in reserves were held in the week to March 3. The central bank intervenes in the spot and forwards market to prevent runaway moves in the rupee's exchange rate against the dollar. The RBI has said in the past that changes in reserves also stem from valuation gains or losses.

The rupee fell 0.1% against the dollar last week as the banking crisis in the United States unfolded, trading between 81.6150 and 82.2975. The rupee ended at 82.5525 on Friday.