Forex reserves drop USD 2 bn to USD 686 bn

Mumbai, May 9 (PTI) India's forex reserves dropped USD 2.065 billion to USD 686.064 billion for the week ended May 2, the RBI said on Friday.

In the previous reporting week, the overall kitty had increased USD 1.983 billion to USD 688.129 billion.

The forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024.

For the week ended May 2, foreign currency assets, a major component of the reserves, increased USD 514 million to USD 581.177 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves decreased USD 2.545 million to USD 81.82 billion during the week, the RBI said.

The special drawing rights were down USD 30 million to USD 18.558 billion, the apex bank said.

India's reserve position with the IMF was also down USD 3 million at USD 4.509 billion in the reporting week, the apex bank data showed. PTI AA TRB

Source: PTI