India’s foreign exchange reserves fell by more than $9 billion last week, likely reflecting the central bank's efforts to shore up the rupee amid U.S. threats of steep tariffs on the Asian nation's exports.

The Indian rupee edged higher on Wednesday, helped by the central bank keeping its key rate steady, though impending higher tariffs on shipments to the United States are likely to keep the currency under pressure.

The Reserve Bank of India’s monetary policy committee on Wednesday unanimously voted to maintain its policy repo rate at 5.50% and its monetary policy stance at neutral.