India's forex reserves drop to $685.72 billion

India's forex reserves dropped USD 4.888 billion to USD 685.729 billion for the week ended May 16, the Reserve Bank of India said on Friday.

For the week ended May 16, foreign currency assets, a major component of the reserves, increased by USD 279 million to USD 581.652 billion, the data released on Friday showed.

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

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

India's reserve position with the IMF was also down by USD 3 million at USD 4.371 billion in the reporting week, the apex bank data showed.

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