India’s forex reserves fall by $7.7 billion to $690 billion: RBI

India’s foreign exchange reserves declined by 7.7 billion US dollars, standing at 690 billion US dollars for the week ending May 1. According to the Reserve Bank of India, Gold reserves fell by 5 billion US dollars to 115 billion US dollars.
Foreign currency assets, the largest component of the reserves, also decreased by 2.7 billion US dollars to 551 billion US dollars during the week. Meanwhile, Special Drawing Rights (SDRs) increased by 15 million US dollars to 18.78 billion US dollars. India’s reserve position with the International Monetary Fund also rose by 8 million US dollars to 4.86 billion US dollars.