India's Forex Reserves Fall $2 Billion to $646.67 Billion

After rising for three consecutive weeks, Indias forex reserves fell $2.027 billion to $646.673 billion for the week ended May 24, according to the latest RBI data.

For the week ended May 24, foreign currency assets, a major component of the reserves, decreased by $1.51 billion to $567.499 billion, the data released on May 31 showed.

Gold reserves decreased by $482 million to $56.713 billion during the week ended May 24. The special drawing rights (SDRs) were down by $33 million to $18.135 billion, according to the latest RBI data.

Indias reserve position with the IMF was also down by USD 1 million to USD 4.326 billion in the reporting week, the apex bank data showed.

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