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Forex reserves fall a minor issue: Jalan

Reserve Bank of India Governor Bimal Jalan said on Thursday India's fall in foreign reserves after rising for several weeks to record levels was a minor issue.

"It's a minor change, they go up for weeks and then they fall. It is minor and they also reflect some valuation changes between the euro and the dollar, and the dollar and the yen," Jalan told Reuters on the sidelines of a South Asian central bank governors' meeting in Colombo.

India's foreign exchange reserves rose to record highs for 32 weeks in a row but dropped in the week to May 17.

Analysts attributed the drop to the central bank's effort to shore up the rupee amid fears of war with neighbour Pakistan.

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