India forex reserves drop 4.82 billion to 698.49 billion as rupee pressure rises

Rupee support comes as gold and foreign assets slip

India’s foreign exchange reserves fell by $4.82 billion to $698.49 billion as of April 24, reversing the prior week’s rise. Reserve Bank interventions aimed at managing rupee volatility amid global uncertainty are in focus. The decline was driven mainly by reductions in foreign currency assets and gold reserves, despite reserves reaching a record high in February.