Mumbai, Jul 11 (PTI) India's forex reserves dropped by USD 3.049 billion to USD 699.736 billion in the week ended July 4, the RBI said on Friday.

In the previous reporting week, the overall reserves had jumped by USD 4.849 billion to USD 702.784 billion. The reserves had touched an all-time high of USD 704.885 billion in end-September 2024.

For the week ended July 4, foreign currency assets, a major component of the reserves, dropped by USD 3.537 billion to USD 591.287 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 up by USD 342 million to USD 84.846 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 39 million to USD 18.868 billion, the apex bank said.

India's reserve position with the IMF jumped by USD 107 million to USD 4.735 billion in the reporting week, the apex bank data showed. PTI AA HVA

Foreign exchange reserves fall as foreign currency assets decline while gold and SDRs rise, signaling reserve composition shifts. India's foreign exchange reserves fell by about three billion dollars in the reporting week due chiefly to a decline in foreign currency assets, while gold reserves and Special Drawing Rights increased modestly and the reserve position with the IMF rose.