India’s forex reserves rise to $658.09 billion

India’s foreign exchange reserves declined by $7.794 billion to $690.693 billion during the week ended May 1, according to data released by the Reserve Bank of India (RBI) on Friday.The reserves had fallen by $4.82 billion in the previous reporting week ended April 24, taking the overall forex kitty to $698.487 billion.India’s forex reserves had touched an all-time high of $728.494 billion during the week ended February 27 before the outbreak of the Middle East conflict, which triggered pressure on the rupee and prompted the RBI to intervene in the foreign exchange market through dollar sales.

Foreign currency assets decline

The RBI data showed that foreign currency assets (FCAs), which form the largest component of the reserves, fell by $2.797 billion to $551.825 billion during the reporting week.Expressed in dollar terms, FCAs include the impact of appreciation or depreciation in non-US currencies such as the euro, pound and yen held in the reserves.Gold reserves also saw a sharp decline during the week. Their value dropped by $5.021 billion to $115.216 billion, the central bank said.

SDRs and IMF position rise marginally

Meanwhile, Special Drawing Rights (SDRs) with the International Monetary Fund rose by $15 million to $18.789 billion during the week.India’s reserve position with the IMF also increased slightly by $8 million to $4.863 billion, according to the RBI data.