India's forex reserves dropped by $2.33 billion to $700.27 billion during the week ended September 26, according to the RBI data on Friday.
In the previous reporting week, the kitty had declined by $396 million to $702.57 billion.
For the week ended September 26, foreign currency assets, a major component of the reserves, decreased by $4.39 billion to $581.76 billion, the data released by the RBI showed.
Expressed in dollar terms, 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.
The gold reserves increased by $2.24 billion to $95.02 billion during the week, the central bank said.
The Special Drawing Rights (SDRs) were down by $90 million to $18.79 billion, the apex bank said.
India's reserve position with the IMF was also down by $89 million to $4.67 billion in the reporting week, the data showed.