India’s forex reserves fall $4.82 billion to $698.49 billion as of April 24

India’s foreign exchange reserves fell by $4.82 billion to $698.49 billion in the week ended April 24, data released by the Reserve Bank of India (RBI) showed on Friday.

Foreign currency assets (FCAs), the largest component of the reserves, declined by $2.84 billion to $554.62 billion during the week.

Gold reserves dropped by $1.90 billion to $120.24 billion, while Special Drawing Rights (SDRs) slipped by $67 million to $18.77 billion.


India’s reserve position with the International Monetary Fund (IMF) also fell by $15 million to $4.85 billion.

In the previous week ended April 17, the country’s forex reserves had risen by $2.3 billion to $703.30 billion.

India’s reserves had touched an all-time high of $728.49 billion in late February before coming under pressure in recent weeks amid global uncertainties, prompting interventions by the central bank to curb volatility in the rupee.

The Reserve Bank of India monitors the forex market closely and intervenes as needed to ensure orderly conditions, without targeting any specific exchange rate level.