Reversing the trend of net inflows seen over the past three weeks, India's foreign exchange reserves dropped by a whopping $1.53 billion to $119.57 billion for the week ended July 23.

Revaluation of the US dollar against other international currencies and low inflows led to the sharp drop in reserves, analysts said.

The foreign exchange reserves stood at $119.57 billion as against the previous week's $121.11 billion.

The foreign currency assets were down by $1.52 billion at $114.21 billion, according to the Reserve Bank of India's weekly statistical supplement released on Saturday in Mumbai.