India's forex reserves dropped by $3.165 billion to $603.87 billion for the week ended July 28, the RBI said on Friday.
This is the second consecutive weekly drop in the reserves after the $1.987 billion decline to $607.035 billion in the previous reporting week.
In October 2021, the country's forex kitty reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.
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For the week ended July 28, the foreign currency assets, a major component of the reserves, decreased by $2.416 billion to $535.337 billion, according to the Weekly Statistical Supplement released by the RBI.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-U.S. units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves were down by $710 million to $44.904 billion, the RBI said.
The Special Drawing Rights were down by $29 million to $18.444 billion, the apex bank said.
The country's reserve position with the IMF was down by $11 million to $5.185 billion in the reporting week, the apex bank data showed.
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