RBI says reserves down $8.09 billion to $688.89 billion
Business
India's foreign exchange reserves dropped by $8.09 billion this week, landing at $688.89 billion as of May 15, according to the Reserve Bank of India (RBI).
Most of the dip came from lower foreign currency assets and gold holdings.
Still, there's a silver lining: reserves are actually up $3.16 billion compared to last year.
Foreign currency assets and gold slipped
Foreign currency assets fell by $6.48 billion and gold reserves slipped by $1.54 billion, with smaller decreases in special drawing rights (SDRs) and International Monetary Fund (IMF) positions too.
The RBI says it's keeping a close watch on market trends and will step in if needed to keep things stable, making sure sudden changes don't shake up India's economy.