India's Forex Reserves Fall by $7.79 Billion to $690.69 Billion

India's foreign exchange reserves fell by $7.794 billion to $690.693 billion during the week ended May 1, the Reserve Bank of India (RBI) reported on Friday. The decline follows a $4.82 billion drop in the previous week, taking the overall forex reserves to their current level.

The RBI data showed that foreign currency assets, the largest component of the reserves, decreased by $2.797 billion to $551.825 billion during the reporting week.

Gold reserves also saw a significant decline, with their value dropping by $5.021 billion to $115.216 billion.

Meanwhile, Special Drawing Rights (SDRs) with the International Monetary Fund rose marginally by $15 million to $18.789 billion, and India's reserve position with the IMF increased slightly by $8 million to $4.863 billion.

The RBI will continue to monitor the forex market and take necessary steps to maintain stability, with the next weekly data release expected to provide further insights into the reserves' trajectory.