Forex reserves drop $2 billion, snap 8-week streak of gains

INDIA'S FOREIGN EXCHANGE reserves declined by $2.07 billion, to $686.06 billion as of May 2, snapping an eight-week gaining streak that had lifted reserves to a near six-month high, data released by the central bank on Friday showed.

- REUTERS

The reserves had risen by nearly $50 billion in the nine weeks preceding the reporting week and are now about $19 billion below the all-time high of $704.89 billion hit in late September 2024.