India's forex reserves drops $3.049 billion

India's forex reserves dropped by USD 3.049 billion to USD 699.736 billion in the week ended July 4, the RBI said on Friday.

For the week ended July 4, foreign currency assets, a major component of the reserves, dropped by USD 3.537 billion to USD 591.287 billion, the data released on Friday showed.

The gold reserves were up by USD 342 million to USD 84.846 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 39 million to USD 18.868 billion, the apex bank said.

India's reserve position with the IMF jumped by USD 107 million to USD 4.735 billion in the reporting week, the apex bank data showed.

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