India’s forex reserves dropped by $1.01 billion to $697.93 billion for the week ended June 20, the Reserve Bank of India said on Friday.

Illustration: Dado Ruvic/Reuters

In the previous reporting week, the reserves had jumped by $2.29 billion to $698.95 billion.

Forex reserves had touched an all-time high of $704.88 billion in September 2024.

For the week ended June 20, foreign currency assets, a major component of the reserves, dropped by $357 million to $589.06 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 were down by $573 million to $85.74 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) declined by $85 million to $18.67 billion, the apex bank said.

India’s reserve position with the IMF also declined by $1 million to $4.45 billion in the reporting week, the apex bank data showed.