The merchandise trade deficit at USD 71.6 billion was marginally higher than USD 71.3 billion during the third quarter of 2022-23. Services exports grew by 5.2 per cent on a year-on-year basis on the back of rising exports of software, business and travel

Despite hitting an all-time high of $645 billion in October 2021, pressures on reserves emerged due to the central bank's efforts to protect the rupee amidst global developments.

At the interbank foreign exchange market, the local unit opened at 82.90 and oscillated between the peak of 82.82 and the lowest level of 82.91 against the greenback during intra-day deals. The currency finally settled at 82.83 (provisional), registering a gain of 7 paise from its previous close.