Mumbai, Aug 1 (PTI) India's forex reserves rose by USD 2.703 billion to USD 698.192 billion during the week ended July 25, the RBI said on Friday.

In the previous reporting week, the overall reserves had dropped USD 1.183 billion to USD 695.489 billion.

For the week ended July 25, foreign currency assets, a major component of the reserves, increased by USD 1.316 billion to USD 588.926 billion, the data 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 grew by USD 1.206 billion to USD 85.704 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 126 million to USD 18.809 billion, the apex bank said.

India's reserve position with the IMF was higher by USD 55 million at USD 4.753 billion in the reporting week, the RBI data showed. PTI AA SHW

Foreign exchange reserves increase per RBI weekly report, driven by gains in currency assets, gold, SDRs and IMF position. The weekly RBI data reports a rise in Foreign Exchange Reserves, driven by increases in Foreign Currency Assets, gold reserves, Special Drawing Rights and the reserve position with the IMF; the statement records component-level movements and notes the prior week's change.