India’s forex reserves drop $711 million to $681.610 billion, RBI data shows

India’s forex reserves dropped $711 million to $681.610 billion during the week ending June 5 due to a sharp decline in foreign currency reserves, according to the latest data released by Reserve Bank of India (RBI).

The decline follows an increase of $938 million in the previous reporting week, when the forex reserves had risen to $682.321 billion.

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For the week ended June 5, foreign currency assets, that form a major component of the reserves, was down $2.704 billion to $543.444 billion, according to RBI.

However, the value of gold reserves increased $1.975 billion to $114.575 billion during the week. The special drawing rights (SDRs) were up $18 million to $18.765 billion, the RBI said.

India’s reserve position with the IMF stood at $4.826 billion in the reporting week, it added.