India’s foreign exchange (forex) reserves declined by $9.646 billion to $622.275 billion in the week ended March 11, the sharpest decline in nearly two years, as the Reserve Bank of India (RBI) heavily sold dollars to prevent the slide in the value of rupee.

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According to the RBI’s weekly statistical supplement, the foreign currency assets, the most significant component of the forex reserves, slumped by $11.108 billion to $554.359 billion during the week under review.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held in the foreign exchange reserves.