India's forex reserves fall by $3 billion to $696.67 billion in July

India's forex reserves dropped by $3.064 billion to $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 $3.049 billion to $699.736 billion.

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

During the week ended July 11, foreign currency assets, a major component of the reserves, dropped by $2.477 billion to $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 $498 million to $84.348 billion during the week, the RBI said.

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

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