India’s forex reserves declines to $691.5 Bln, covers over 11 months of imports
India’s foreign exchange reserves fell by $1.237 billion to $691.485 billion for the week ended May 30, the Reserve Bank of India (RBI) said on Friday, snapping a sharp gain in the previous week.The drop comes after reserves had jumped by $6.992 billion in the preceding week to $692.721 billion. India’s forex reserves had touched a record high of $704.885 billion in late September 2024.
Despite the weekly decline, RBI Governor Sanjay Malhotra said earlier in the day that the reserves remain robust and sufficient to cover more than 11...