India's forex reserves dropped by $396 million to $703 billion for the week ended September 19, according to the RBI data.
In the previous reporting week, the overall reserves had jumped by $4.7 billion to $703 billion.
For the week ended September 19, foreign currency assets, a major component of the reserves, decreased by $864 million to $586.15 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.
The gold reserves increased by $360 million to $92.78 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up by $105 million to $18.88 billion, the apex bank said.
India's reserve position with the IMF was also up by $2 million at $4.76 billion in the reporting week, the data showed.
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