India’s foreign exchange reserves fell by USD 7.794 billion to USD 690.693 billion in the week ended May 1, the Reserve Bank of India said on Friday. This follows a decline of USD 4.82 billion in the previous week.
The reserves had earlier touched a record high of USD 728.494 billion in the week ended February 27, before geopolitical tensions in the Middle East triggered sustained pressure on the rupee and prompted RBI intervention through dollar sales.
For the latest reporting week, foreign currency assets the largest component of the reserves—declined by USD 2.797 billion to USD 551.825 billion. Gold reserves also dropped sharply by USD 5.021 billion to USD 115.216 billion.
In contrast, Special Drawing Rights (SDRs) rose slightly by USD 15 million to USD 18.789 billion, while India’s reserve position with the IMF increased by USD 8 million to USD 4.863 billion, according to RBI data.
(With inputs from agencies)