Forex reserves plunges by $1.42 billion

Mumbai, May 11: India's foreign exchange (Forex) reserves plunged by $1.42 billion as on May 4, official data showed on Friday.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the overall forex reserves declined to $418.94 billion from $420.36 billion reported for the week ended April 27.

India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI's position with the International Monetary Fund (IMF).

Segment-wise, FCAs -- the largest component of the Forex reserves -- decreased by $1.56 billion to $393.71 billion during the week under review.