India’s foreign exchange reserves decline by $711 million to $681.610 billion in the week ending June 5, according to the latest Reserve Bank of India (RBI) data cited by multiple outlets. The drop is attributed mainly to lower foreign currency assets, which make up the largest component of the reserves. Foreign currency assets fall by $2.704 billion to $543.444 billion over the reporting week.
The decline is partially offset by gains in other reserve categories. Gold reserves increase by $1.975 billion to $114.575 billion. Special drawing rights (SDRs) rise by $18 million to $18.765 billion. The RBI also reports that India’s reserve position with the International Monetary Fund (IMF) stands at $4.826 billion in the same week.
The outlets also note that this contraction follows an increase of $938 million in the previous reporting week, when reserves had reached $682.321 billion.
