Forex reserves drop by USD 396 mln to USD 702.57 billion

India's forex reserves dropped by USD 396 million to USD 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 USD 4.698 billion to USD 702.966 billion.

For the week ended September 19, foreign currency assets, a major component of the reserves, decreased by USD 864 million to USD 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 USD 360 million to USD 92.779 billion during the week, the RBI said.

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

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