India’s foreign exchange (forex) reserves dipped by $2.695 billion to $597.728 billion for the week that ended on April 29.

The rupee reached a level of Rs 76.93 per dollar which is near to an all-time low of Rs 76.97 per dollar recorded in March. It appears that the Reserve Bank of India (RBI) is selling dollars to prevent a slide in the value of the rupee amid the ongoing Russia-Ukraine conflict and other geopolitical uncertainties, Siasat reported.

As per the RBI’s weekly statistical supplement, all components of the forex reserves declined during the week under review. This is the eighth straight week of fall in the country’s forex reserves.

India’s foreign currency assets, which are the biggest component of the forex reserves, dipped by $1.110 billion to $532.823 billion during the week ended April 29, the report said.

The value of gold reserves fell by $1.164 billion to $41.604 billion and the value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) fell by $0.362 billion to $18.299 billion.