India's foreign exchange reserves fall $7.79 billion to $690.7 billion
Business
India's foreign exchange reserves just saw a sharp drop of $7.79 billion, now standing at $690.7 billion as of May 1, 2026.
This is the second week in a row they've fallen, after hitting a record high in February.
The main reason? Lower foreign currency assets and a sharp drop in gold reserves.
Geopolitical tensions in the Middle East have shaken up the rupee and pushed the Reserve Bank of India (RBI) to sell dollars to keep things steady.
Foreign currency assets and gold fall
Most of the decline came from foreign currency assets (down by $2.8 billion) and gold reserves (which fell by $5 billion).
On the flip side, Special Drawing Rights and India's position with the International Monetary Fund (IMF) went up slightly, but not enough to offset those big drops.