Mumbai, July 20 -- India's foreign exchange reserves fell by USD 3.06 billion to USD 696.67 billion for the week ending July 11, marking the second straight week of decline, according to the official data released by the Reserve Bank of India (RBI).

In the previous reporting week of July 4, the country's forex reserves witnessed a slip of USD 3.049 billion to USD 699.736 billion.

In the week ending July 11, foreign currency assets, which are the major constituent of the forex reserves, fell USD 2.477 billion to USD 588.81 billion, possibly becoming the major reason for the fall in the forex reserves.

The Gold reserves, another major component of the forex, again witnessed a sharp fall of USD 498 million to USD 84.348 billion.

The coun...