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India’s foreign exchange reserves fall to $685.729 billion

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Agency. India’s foreign exchange reserves declined by $4.888 billion to $685.729 billion for the week ended May 16, according to the latest data released by the Reserve Bank of India (RBI).

The fall in India’s foreign exchange reserves is due to a sharp fall in gold reserves of USD 5.121 billion per week.

According to rbi data, foreign exchange assets (FCAs) rose by $279 million to $581.652 billion. The country’s Special Calling Rights (SDR) fell by $43 million to $18.49 billion.

Meanwhile, India’s reserve position in the International Monetary Fund (IMF) declined by USD 3 million to USD 4.371 billion.

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