India's forex reserves fall to $691.5 billion as on May 30

The country's FX reserves are now about $13.4 billion below their all-time high hit in September 2024. "These (reserves) are sufficient to fund more than 11 months of goods imports and about 96% of external debt outstanding," Reserve Bank of India Governor Sanjay Malhotra said in a statement while announcing the monetary policy decision. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in the reserves.