India’s forex reserves dropped by $1.78 billion to $638.7 billion in the week ended February 28, the RBI said on Friday.

Photograph: Lee Jae-Won/Reuters

The overall forex kitty had jumped by $4.76 billion to $640.48 billion in the previous reporting week.

At the end of September 2024, the forex reserves touched an all-time high of $704.88 billion.

For the week ended February 28, foreign currency assets, a major component of the reserves, decreased by $493 million to $543.35 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 decreased by $1.30 billion to $73.27 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $27 million to $18 billion, the apex bank said.

India’s reserve position with the IMF fell by $12 million to $4.078 billion in the reporting week, the apex bank data showed.