India’s Forex Reserves Drop $1.24bln To $691.49 Bln

Mumbai: India’s forex reserves dropped by $1.237 billion to $691.485 billion for the week ended May 30, the RBI said on Friday. The overall reserves had jumped by $6.992 billion to $692.721 billion in the previous reporting week. The forex reserves had touched an all-time high of $704.885 billion in end-September 2024. Earlier in the day, RBI Governor Sanjay Malhotra said that at $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 $1.952 million to $584.215 billion, the data released on Friday showed.