India’s Forex Reserves Dip by $4.88 Billion to $685.7 Billion

India’s foreign exchange reserves declined by 4.88 billion dollars, reaching 685.7 billion dollars in the week ending 16th May. According to the Weekly Statistical Supplement released by the Reserve Bank of India, during the last week, foreign currency assets, a major component of the reserves, were up by 279 million dollars to over 581.6 billion dollars. Conversely, Gold reserves



dropped by over 5.1 billion dollars, totaling to 81.21 billion dollars.

Meanwhile, Special Drawing Rights was down by 43 million dollars, reaching over 18.49 billion dollars and Central Bank’s position in the International Monetary Fund was also down by three million dollars, reaching 4.37 billion dollars.