Mumbai, Jun 6 (PTI) India's forex reserves dropped by USD 1.237 billion to USD 691.485 billion for the week ended May 30, the RBI said on Friday.

The overall reserves had jumped by USD 6.992 billion to USD 692.721 billion in the previous reporting week. The forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024.

Earlier in the day, RBI Governor Sanjay Malhotra said that at USD 691.5 billion, the reserves are sufficient to fund more than 11 months of goods imports and about 96 per cent of external debt outstanding.

For the week ended May 30, foreign currency assets, a major component of the reserves, decreased by USD 1.952 million to USD 584.215 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves increased by USD 723 million to USD 84.305 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 2 million to USD 18.569 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 6 million at USD 4.395 billion in the reporting week, the apex bank data showed. PTI AA SHW

Foreign exchange reserves fell this reporting week, yet remain sufficient to cover import needs and most external debt obligations. Foreign exchange reserves fell in the reporting week as foreign currency assets, the primary component, decreased while gold reserves rose and SDRs and the IMF reserve position edged down; the RBI stated the reserves remain sufficient to cover over eleven months of goods imports and the majority of external debt, combining detailed component movements with an assessment of import cover and external debt coverage.