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Foreign exchange reserves were down $616.4 million to $293.69 billion for the week ending May 10, the Reserve Bank of India (RBI) data showed on Friday. Foreign currency assets were down $568.1 million to $263.16 billion.
Foreign currency assets expressed in dollars include the effect of appreciation or depreciation of non-US currencies, such as the pound, euro and yen, held in RBI reserves.
Gold reserves were at $23.97 billion. The reserves are revalued by RBI once a month and the last revaluation was done on May 3 when the reserves had dropped $1,717.9 million. The drop in gold reserves was because in the recent past, prices of the yellow metal had tumbled sharply.
For the week under review, Special Drawing Rights were down $31.9 million to $4.33 billion, while India’s reserve position with the International Monetary Fund was down $16.4 million to $2.23 billion.
