India’s forex reserves dropped by $9.32 billion to $688.87 billion for the week ended August 1 in one of the highest declines in the recent past, the RBI data showed on Friday.

Photograph: Dado Ruvic/Reuters

The overall reserves rose by $2.7 billion to $698.19 billion in the previous reporting week.

For the week ended August 1, foreign currency assets, a major component of the reserves, decreased by $7.32 billion to $581.61 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 $1.71 billion to $83.99 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $237 million to $18.57 billion, the apex bank said.

India’s reserve position with the IMF was also down by $59 million at $4.69 billion in the reporting week, the apex bank data showed.