India's forex reserves drop by $396 million to $702.57 billion

India's reserve position with the IMF was also up by $2 million at $4.762 billion in the reporting week, the data showed.

India's forex reserves dropped by $396 million to $702.57 billion for the week ended September 19, according to the RBI data. In the previous reporting week, the overall reserves had jumped by $4.698 billion to $702.966 billion.

For the week ended September 19, foreign currency assets, a major component of the reserves, decreased by $864 million to $586.15 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.

The gold reserves increased by $360 million to $92.779 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $105 million to $18.879 billion, the apex bank said.

India's reserve position with the IMF was also up by $2 million at $4.762 billion in the reporting week, the data showed.