Mumbai, Jun 27 (PTI) India's forex reserves dropped by USD 1.01 billion to USD 697.93 billion for the week ended June 20, the Reserve Bank of India said on Friday.

In the previous reporting week, the reserves had jumped by USD 2.29 billion to USD 698.95 billion. Forex reserves had touched an all-time high of USD 704.885 billion in September 2024.

For the week ended June 20, foreign currency assets, a major component of the reserves, dropped by USD 357 million to USD 589.06 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves were down by USD 573 million to USD 85.74 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) declined by USD 85 million to USD 18.672 billion, the apex bank said.

India's reserve position with the IMF also declined by USD 1 million to USD 4.45 billion in the reporting week, the apex bank data showed. PTI AA BAL BAL

Foreign exchange reserves movement signals declines in currency and gold components, reflecting valuation effects in reserve reporting. A Reserve Bank of India weekly report records a decline in foreign exchange reserves, driven by falls in Foreign Currency Assets and Gold Reserves, with smaller decreases in Special Drawing Rights and the reserve position with the IMF; foreign currency asset values are presented in US dollar terms and reflect valuation effects from non US currencies held in the reserve portfolio.