India's Forex Reserves Experience a Notable Dip

India's foreign exchange reserves saw a decline of USD 2.065 billion, totaling USD 686.064 billion for the week ending May 2, as reported by the Reserve Bank of India on Friday.

This downturn follows a previous week where the reserves had increased by USD 1.983 billion, reflecting fluctuations in the economic parameters impacting the forex reserves.

The data further showed an increase in foreign currency assets, up by USD 514 million, while gold reserves and India's position with the IMF decreased, adding dynamics to the financial landscape.

(With inputs from agencies.)