India's forex reserves decline $1.71 bn to $651.99 bn

India's forex reserves dropped $1.71 billion to $651.99 billion for the week ended June 28, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall kitty had dropped $2.92 billion to $652.89 billion.

The reserves had touched an all-time high of $655.82 billion as on June 7 this year.

For the week ended June 28, foreign currency assets, a major component of the reserves, decreased $1.25 billion to $572.88 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 were down $427 million to $56.528 billion during the week, the RBI said.

The special drawing rights (SDRs) declined $35 million to $18.01 billion, the central bank said.

India's reserve position with the IMF was up $1 million to $4.57 billion in the reporting week, the data added.