India's forex reserves drop by $2.3 billion to $700.2 billion

India's reserve position with the IMF was also down by $89 million to $4.673 billion in the reporting week, the data showed.

India's forex reserves dropped by $2.334 billion to $700.236 billion during the week ended September 26, according to the RBI data on Friday. In the previous reporting week, the kitty had declined by $396 million to $702.57 billion.

For the week ended September 26, foreign currency assets, a major component of the reserves, decreased by $4.393 billion to $581.757 billion, the data released by the RBI showed.

Expressed in dollar terms, 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 increased by $2.238 billion to $95.017 billion during the week, the central bank said.

The Special Drawing Rights (SDRs) were down by $90 million to $18.789 billion, the apex bank said.

India's reserve position with the IMF was also down by $89 million to $4.673 billion in the reporting week, the data showed.