After falling for five straight weeks, India’s foreign exchange reserves grew by $1.52 billion to $287.37 billion for the week ended June 8, 2012, official data showed. The reserves had plunged by $2.40 billion to $285.85 billion for the week ended June 1, apparently due to the Reserve Bank of India (RBI) selling dollars to defend the rupee.
The reserves had declined by $1.74 billion and $1.80 billion respectively in the previous two weeks of June 1, 2012………………………………………..Full Article: Source