Mumbai, Jan. 27 -- India's forex reserves dropped by $1.88 billion to $623.983 billion in the week ended January 17, the RBI said on Friday.

The forex reserves had increased to an all-time high of $704.885 billion in end-September.

For the week ended January 17, foreign currency assets, a major component of the reserves, decreased by $2.878 billion to $533.133 billion, the data released on Friday showed.

Gold reserves increased by $1.063 million to $68.947 billion during the week. The special drawing rights (SDRs) were up by $01 million to $17.782 billion, the RBI said.

India's reserve position with the IMF was down by $74 million at $4.122 billion in the reporting week, the data showed.

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