Hurt by dip in gold reserves and foreign currency assets (FCA), India’s foreign exchange reserves sharply fell by $2.06 billion to $294.31 billion for the week ended May 3, according to the Reserve Bank of India.
In the previous reporting week ended April 26, the forex reserves had increased $1.60 billion at $296.37 billion.
During the week ended May 3, FCA declined by $300 million to $263.73 billion, while gold reserves plunged significantly by $1.72 billion to $23.97 billion, the RBI’s weekly statistical supplement said.
Apart from gold reserves and FCA, special drawing rights increased by $19.3 million to $4.36 billion and the reserve position with the International Monetary Fund dipped by $65.5 million to $2.24 billion.