India's forex reserves slide to $690.7bn from $728.5bn in February
Business
India's foreign exchange reserves have slipped to $690.7 billion for the week ended May 1, 2026, a noticeable fall from the record $728.5 billion in February.
The main culprits? Soaring crude oil prices and a weaker rupee, both linked to ongoing tensions in West Asia.
India's foreign currency assets, gold fall
Most of the decline came from foreign currency assets (down $2.8 billion) and gold reserves (down $5 billion).
On a brighter note, Special Drawing Rights and India's position with the IMF saw small increases.
The RBI uses these reserves to keep the rupee steady: money comes in mostly from IT exports, petroleum sales, and remittances, while big outflows go toward buying oil, gold, and paying off debts.