India's Forex Reserves Fall By USD 8.09 Billion To USD 688.89 Billion

(MENAFN- KNN India) New Delhi, May 23 (KNN) India's foreign exchange reserves declined by USD 8.09 billion to USD 688.89 billion in the week ended May 15, according to data released by the Reserve Bank of India.

The fall was mainly driven by a decline in foreign currency assets (FCAs), the largest component of the reserves, which dropped by USD 6.48 billion to USD 545.90 billion during the reporting week.

Gold and SDRs Also Register Decline

Gold reserves also witnessed a decrease of USD 1.54 billion, slipping to USD 119.32 billion, reported Economic Times.

Among other components, Special Drawing Rights (SDRs) edged down by USD 49 million to USD 18.82 billion, while India's reserve position with the International Monetary Fund (IMF) fell by USD 25 million to USD 4.85 billion.

In rupee terms, the overall forex reserves declined by Rs 24,874 crore, bringing the total to Rs 66.11 lakh crore for the week ended May 15.

India Maintains Strong External Buffer Despite Weekly Drop

The latest data indicates a broad-based decline across major reserve components, with FCAs and gold accounting for most of the weekly drop.

Despite the decline, India continues to maintain one of the world's largest foreign exchange reserve buffers, which helps cushion external shocks, stabilize the rupee, and support import requirements.

(KNN Bureau)

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