The forex reserves had touched an all-time high of $704.885 billion in end-September 2024.
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Mumbai: India's forex reserves dropped by Rs 10,603 crore ($1.237 billion) to Rs 59,27,170 crore ($691.485 billion) for the week ended May 30, the RBI said on Friday.
The overall reserves had jumped by Rs 59,942 crore ($6.992 billion) to Rs 59,39,414 crore ($692.721 billion) in the previous reporting week. The forex reserves had touched an all-time high of Rs 60,43,708 crore ($704.885 billion) in end-September 2024.
Earlier in the day, RBI Governor Sanjay Malhotra said that at Rs 59,28,945 crore ($691.5 billion), the reserves are sufficient to fund more than 11 months of goods imports and about 96 per cent of external debt outstanding.
For the week ended May 30, foreign currency assets, a major component of the reserves, decreased by Rs 16 crore ($1.952 million) to Rs 50,09,028 crore ($584.215 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.
The gold reserves increased by $6,199 crore ($723 million) to Rs 7,22,860 crore ($84.305 billion) during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by Rs 17 crore ($2 million) to Rs 1,59,214 crore ($18.569 billion), the apex bank said.
India's reserve position with the IMF was also down by Rs 51 crore ($6 million) at Rs 37,678 crore ($4.395 billion) in the reporting week, the apex bank data showed.