India's forex reserves drop $2 billion to $686 billion

Mumbai: India's forex reserves dropped $2.065 billion to $686.064 billion for the week ended May 2, the RBI said on Friday.

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

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

For the week ended May 2, foreign currency assets, a major component of the reserves, increased $514 million to $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 $2.545 million to $81.82 billion during the week, the RBI said.

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

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