Kolkata: India’s foreign exchange reserves declined $7.794 billion in the week ending May 1 to $690.693 billion, according to data released by Reserve Bank of India Friday, which saw the local currency closing 25 paise lower at 94.47 against the dollar.
This is the second straight weekly fall in the forex stockpile, which had reached its all-time peak at $728.49 billion on February 27, just before the breakout of the Iran war.
The central bank has been digging its reserves to prevent volatility in the currency market. The local currency hit the record low of 95.40 on May 5.
Meanwhile, foreign currency assets, which is the largest contributor of reserves, fell 2.797 billion during the week under review to $551.825 billion. Reserves held in gold dipped by $5.021 billion to $115.216 billion, RBI data showed.