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India’s forex reserves fell by 2.68 billion to around $593.2 billion for the week ended May 13 with a sizable contraction of gold reserves aiding the fall, show latest data from the Reserve Bank of India.

While the foreign currency assets fell by 1.3 billion,

During the week, the gold reserves dropped by 1.17 billion compared to an uptick of $135 million in the preceding week.

The foreign currency assets fell at a slower pace by $ 1.3 billion versus nearly $2 billion reduction a week earlier.

This was the ninth consecutive shrinkage of forex reserves, now slipping below the $600 billion mark, which the central bank is aiming to protect. However, the pace of the fall has been showing signs of reduction in the past two weeks.

The rupee Friday rose 0.23% to close at 77.55 a dollar. It hit a new all-time low of 77.80 Tuesday.

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