New Delhi: India's forex reserves dropped for the third consecutive week, declining by $2.417 billion to $ 601.453 billion as of August 4, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had dropped by $3.165 billion to $603.87 billion.

For the week ended August 4, the foreign currency assets, a major component of the reserves, decreased by $1.937 billion to $533.40 billion, 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 were down by $224 million to $44.68 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by $171 million to USD 18.274 billion, the apex bank said.

The country's reserve position with the IMF was down by $86 million to $5.099 billion in the reporting week, the apex bank data showed.

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