KOLKATA: India’s foreign exchange reserves fell $1.169 billion in the week to January 31 as the Reserve Bank of India was busy selling the greenback to limit the local currency’s slide amid the emerging market sell-off.

Emerging economies came under pressure after data showed that US manufacturing activity slowed sharply prompting risk aversion by investors.

The reserves stood at $291.070 billion, Reserve Bank of India said Friday in its weekly statistical report.

Foreign currency for the week fell $1.483 billion to $264.569 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, pound and yen held in the reserves, the central bank said.

Gold reserves however rose $351 million to $20.076 billion.