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India's forex reserves dropped by $9.322 billion to $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 $2.703 billion to $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 $7.319 billion to $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 $1.706 billion to $83.998 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by $237 million to $18.572 billion, the apex bank said.
India's reserve position with the IMF was also down by $59 million at $4.694 billion in the reporting week, the apex bank data showed.
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