Mumbai, Aug 8 (PTI) India's forex reserves dropped by USD 9.322 billion to USD 688.871 billion for the week ended August 1 in one of the highest declines in the recent past, the RBI data showed on Friday.

The overall reserves rose by USD 2.703 billion to USD 698.192 billion in the previous reporting week.

For the week ended August 1, foreign currency assets, a major component of the reserves, decreased by USD 7.319 billion to USD 581.607 billion, according to the data.

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 decreased by USD 1.706 billion to USD 83.998 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 237 million to USD 18.572 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 59 million at USD 4.694 billion in the reporting week, the apex bank data showed. PTI AA SHW

Foreign exchange reserves decline, reflecting drops in foreign currency assets, gold, SDRs and IMF holdings. The Reserve Bank's weekly disclosure shows a decline in India's external assets for the week ended August 1, led by a fall in Foreign Currency Assets, with concurrent decreases in gold reserves, Special Drawing Rights, and the reserve position with the IMF; foreign currency assets are expressed in dollar terms and include valuation effects from non US currency movements.