MUMBAI: India’s foreign exchange reserves fell by $7.5 billion to $681.3 billion in the week ended May 22, as the RBI intervened to protect the rupee from depreciating past the 97 per dollar mark.
The rupee fell to a record low of 96.96 on May 20. The fall in reserves also comes amid revaluation in gold reserves. Gold reserves fell by $4.5 billion to $114.7 billion, while foreign currency assets decreased by $2.8 billion to $543 billion in the week.
The Special Drawing Rights (SDRs) were down by $77 million to $18.748 billion, the apex bank said.