Forex reserves drop $4.8 bn to $670.11 bn

India's forex reserves dropped by $4.8 billion to $670.12 billion for the week ended August 9, the Reserve Bank of India said on Friday.

In the previous reporting week, the kitty jumped by $7.53 billion to an all-time high of $674.92 billion.

For the week ended August 9, foreign currency assets, a major component of the reserves, decreased by $4.08 billion to $587.96 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.

Gold reserves declined by $860 million to $59.24 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $121 million to $18.28 billion, the apex bank said.

India's reserve position with the IMF increased by $18 million to $4.64 billion in the reporting week, the central bank data showed.