Reserves Decline by $7.79 Billion to $690.693 Billion

India's Forex Reserves Drop to $690.693 Billion

India's foreign exchange reserves declined by $7.794 billion to $690.693 billion during the week ended May 1, according to the Reserve Bank of India (RBI) data released on Friday.

The previous reporting week ended April 24 saw the overall reserves drop by $4.82 billion to $698.487 billion. The RBI's data highlights the significant decline in the country's forex reserves over the past few weeks. The reserves had reached an all-time high of $728.494 billion during the week ended February 27 this year, but the beginning of the Middle East conflict led to a drop as the rupee came under pressure and the RBI intervened in the forex market through dollar sales.

Foreign Currency Assets Decline by $2.797 Billion

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For the week ended May 1, foreign currency assets, a major component of the reserves, decreased by $2.797 billion to $551.825 billion. This decline is largely due to the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Gold Reserves and SDRs See Changes

Value of gold reserves decreased by $5.021 billion to $115.216 billion during the week, the RBI said. In contrast, the Special Drawing Rights (SDRs) were up by $15 million to $18.789 billion. Additionally, India's reserve position with the IMF was also up by $8 million to $4.863 billion at the end of the reporting week.

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