Mumbai, Jul 18 (PTI) India's forex reserves dropped by USD 3.064 billion to USD 696.672 billion during the week ended July 11, the RBI said on Friday.

In the previous reporting week, the overall kitty had declined by USD 3.049 billion to USD 699.736 billion.

The reserves had touched an all-time high of USD 704.885 billion in end-September 2024.

During the week ended July 11, foreign currency assets, a major component of the reserves, dropped by USD 2.477 billion to USD 588.81 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.

Gold reserves declined by USD 498 million to USD 84.348 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 66 million to USD 18.802 billion, the apex bank said.

India's reserve position with the IMF declined by USD 24 million to USD 4.711 billion in the reporting week, the apex bank data showed. PTI AA HVA

Foreign exchange reserves decline signals reduced external asset buffer as major reserve components contract this week. Decline in India's foreign exchange reserves by USD 3.064 billion to USD 696.672 billion for the week ended July 11, driven by a USD 2.477 billion fall in foreign currency assets to USD 588.81 billion; gold reserves decreased by USD 498 million to USD 84.348 billion, SDRs by USD 66 million to USD 18.802 billion, and the IMF reserve position by USD 24 million to USD 4.711 billion.