India's forex reserves drop by $2 bn to $646.67 bn

India's forex reserves dropped by $2.03 billion to $646.67 billion for the week ended May 24, the Reserve Bank said on Friday.

In the previous reporting week, the kitty had reached an all-time high of $648.7 billion after a jump of $4.55 billion.

For the week ended May 24, foreign currency assets, a major component of the reserves, decreased by $1.51 billion to $567.5 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 decreased by $482 million to $56.713 billion during the week.

The Special Drawing Rights (SDRs) were down by $33 million to $18.135 billion.

India's reserve position with the IMF was also down by $1 million to $4.326 billion in the reporting week, the apex bank data showed.