India News | India's Forex Reserves Drop USD 1.24 Bln to USD 691.49 Bln

Mumbai, Jun 6 (PTI) India's forex reserves dropped by USD 1.237 billion to USD 691.485 billion for the week ended May 30, the RBI said on Friday.

The overall reserves had jumped by USD 6.992 billion to USD 692.721 billion in the previous reporting week. The forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024.

Also Read | Haryana Man Rapes Multiple Minors, Films Acts and Sells Sex Abuse Videos To Porn Websites; Disturbing Details Emerge in CBI Probe.

Earlier in the day, RBI Governor Sanjay Malhotra said that at USD 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 USD 1.952 million to USD 584.215 billion, the data released on Friday showed.

Also Read | Shahjahanpur: Bihar Man Presumed Murdered Found Alive, Accused Released From UP Jail After 3 Years.

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 USD 723 million to USD 84.305 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 2 million to USD 18.569 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 6 million at USD 4.395 billion in the reporting week, the apex bank data showed.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)