India's forex reserves drop by $2.11 billion to $723.608 billion

India's foreign exchange reserves dropped by $2.11 billion to reach $723.608 billion in the week ending February 20, latest data released by the Reserve Bank of India (RBI) showed on Friday.

For the week ended February 20, foreign currency assets, a major component of the reserves, decreased by $1.039 billion to $572.564 billion, the data released by the central bank showed.

The value of the gold reserves dropped by $977 million to $127.489 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $84 million to $18.84 billion, the apex bank said.

India's reserve position with the IMF was also down by $18 million to $4.716 billion in the reporting week, according to the apex bank's data.

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