India's foreign exchange reserves slip in first week of year

A man counts Indian currency notes inside a shop in Mumbai

MUMBAI (Reuters) - India's foreign exchange reserves fell to $561.58 billion in the week through Jan. 6, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.

For the week ended Dec. 30, the country's reserves were at $562.85 billion, down from $633.61 billion at the end of 2021.

The central bank has been intervening in the spot and forwards market to protect the rupee and prevent a rapid depreciation. The central bank, in the past, has said that changes in reserves also stem from valuation gains or losses.

The rupee was little changed in the week to Jan. 6 after trading in a narrow range. However, for the current week ending Jan. 13, it appreciated 1.7% against a subdued dollar.

(Reporting by Anushka Trivedi; Editing by Saumyadeb Chakrabarty)