India’s foreign exchange reserves fell by $8.09 billion to $688.89 billion in the week ended May 15, according to data released by the Reserve Bank of India (RBI) on Friday. Foreign currency assets (FCAs), the largest component of the reserves, declined by $6.48 billion to $545.90 billion during the week. Gold reserves also fell by $1.54 billion to $119.32 billion. Special Drawing Rights (SDRs) slipped by $49 million to $18.82 billion during the reporting week. India’s reserve position with the International Monetary Fund (IMF) declined by $25 million to $4.85 billion. In rupee terms, the country’s total forex reserves declined by Rs 24,874 crore to Rs 66.11 lakh crore during the week ended May 15. On a year-on-year basis, India’s forex reserves were higher by $3.16 billion. Gold reserves rose by $38.10 billion compared with the corresponding period last year, while foreign currency assets were down by $35.75 billion. The Reserve Bank of India closely monitors the foreign exchange market and intervenes when required to curb excessive volatility in the rupee, while avoiding any fixed exchange rate target.