India’s forex reserves dropped by $1.24 billion to $691.49 billion for the week ended May 30, the RBI said on Friday.

Photograph: Dado Ruvic/Reuters

The overall reserves had jumped by $6.99 billion to $692.72 billion in the previous reporting week.

The forex reserves had touched an all-time high of $704.89 billion in end-September 2024.

Earlier in the day, RBI Governor Sanjay Malhotra said that at $691.5 billion, the reserves are sufficient to fund more than 11 months of goods imports and about 96 per cent of external debt outstanding.

For the week ended May 30, foreign currency assets, a major component of the reserves, decreased by $1.95 million to $584.22 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.

The gold reserves increased by $723 million to $84.31 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $2 million to $18.57 billion, the apex bank said.

India’s reserve position with the IMF was also down by $6 million at $4.4 billion in the reporting week, the apex bank data showed.