India's forex reserves dropped by USD 691 million to USD 562.808 billion as of December 23, making it the second consecutive week of decline in the kitty, according to the RBI data.

The overall reserves had dropped by USD 571 million to USD 563.499 billion in the previous reporting week, snapping a five-week trend of an increase in the kitty.

In October 2021, the country's foreign exchange reserves reached an all-time high of USD 645 billion. The reserves had been declining as the central bank deployed the reserve to defend the rupee amid pressures caused majorly by global developments.

Foreign currency assets (FCA), a major component of the overall reserves, decreased by USD 1.134 billion to USD 498.49 billion during the week to December 23, according to the Weekly Statistical Supplement released by the RBI.

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 increased by USD 390 million to USD 40.969 billion, it said.

The Special Drawing Rights (SDRs) were up by USD 8 million to USD 18.19 billion, the apex bank said.

The country's reserve position with the International Monetary Fund (IMF) was up by USD 45 million to USD 5.159 billion in the reporting week, the data showed.