India’s forex reserves dropped $4.89 billion to $685.73 billion for the week ended May 16, the Reserve Bank of India said on Friday.

Photograph: Kham/Reuters

The overall reserves jumped by $4.553 billion to $690.617 billion in the previous reporting week.

The forex reserves touched an all-time high of $704.88 billion in September 2024.

For the week ended May 16, foreign currency assets, a major component of the reserves, increased by $279 million to $581.65 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

After the sharp $4.52 billion jump in the previous reporting week, the gold reserves dropped by $5.121 billion to $81.217 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $43 million to $18.49 billion, the apex bank said.

India’s reserve position with the IMF was also down by $3 million at $4.37 billion in the reporting week, the apex bank data showed.