Forex check: India’s reserves dip by $1.24 billion to $691.49 billion in May-end; RBI says buffer still strong

India’s foreign exchange reserves decreased by $1.24 billion to $691.49 billion in the week ending May 30, according to RBI data. Despite this dip, the central bank assures that the reserve buffer remains strong, covering 11 months of imports and a significant portion of external debt. Foreign currency assets fell, while gold holdings increased, nearly doubling their share since 2021.