Mumbai, Nov 14 (PTI) India's foreign exchange reserves dropped by another USD 2.699 billion to USD 687.034 billion during the week ended November 7, the RBI said on Friday.

The forex kitty has been on a declining trend for the past few weeks, and had decreased by USD 5.623 billion to USD 689.733 billion in the previous reporting week.

For the week ended November 7, foreign currency assets, a major component of the reserves, decreased by USD 2.454 billion to USD 562.137 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.

Value of the gold reserves declined by USD 195 million to USD 101.531 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 51 million to USD 18.594 billion, the apex bank said.

India's reserve position with the IMF was unchanged at USD 4.772 billion in the reporting week, the apex bank data showed. PTI AA HVA

Foreign exchange reserves decline signals reduction in reserve components and FX revaluation effects in official reporting. India's Foreign Exchange Reserves contracted in the week ended November 7, driven primarily by a decrease in Foreign Currency Assets; gold and SDR valuations also declined while the reserve position with the IMF remained unchanged, and foreign currency asset figures reflect valuation effects from non US currency movements when expressed in dollar terms.