India's forex reserves fall by $7.79 billion

Indias 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).

The RBI data showed that foreign currency assets (FCAs) fell by $2.797 billion to $551.825 billion during the reporting week.

Gold reserves dropped by $5.021 billion to $115.216 billion. Meanwhile, Special Drawing Rights (SDRs) with the International Monetary Fund rose by $15 million to $18.789 billion during the week.

Indias reserve position with the IMF also increased slightly by $8 million to $4.863 billion, according to the RBI data.

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