India's forex reserves dropped by $4.50 billion to $528.37 billion for the week ended Oct. 14, the RBI said on Friday.
The overall reserves had increased by $204 million to $532 billion in the previous reporting week, which was the first weekly increase in the kitty since August this year.
In October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
Foreign currency assets, a major component of the overall reserves, saw a drop of $2.83 billion to $468.67 billion during the week to Oct. 14, according to the Weekly Statistical Supplement released by the Reserve Bank of India on Friday.
Expressed in dollar terms, the FCAs 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, whose value had risen by $1.35 billion in the previous reporting week, saw a decline of $1.502 billion in the value to $37.45 billion, it said.
The Special Drawing Rights were down by $149 million to $17.4 billion, the apex bank said.
The country's reserve position with the IMF were down by $23 million to $4.813 billion in the reporting week, the apex bank data showed.
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