India’s forex reserves slip for second week

India's foreign exchange reserves fell to $562.81 billion in the week through December 23, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.

For the week ended Dec. 16, the country's reserves were at $563.50 billion. Overall, they have declined from $632.7 billion at the beginning of this year.

The central bank, which has on several occasions this year intervened in the spot and forwards market to protect the rupee, has said changes in reserves also stem from valuation gains or losses.