The country's foreign exchange reserves declined by $5.008 billion to $588.314 billion in the week ended July 1, according to RBI data released on Friday.
In the previous week ended June 24, the reserves had increased by $2.734 billion to $593.323 billion.
During the reporting week ended July 1, the fall in the foreign exchange reserves was due to a dip in Foreign Currency Assets, a major component of the overall reserves, and also in the gold reserves.
FCA decreased by $4.471 billion to $524.745 billion in the week ended July 1, as per the Weekly Statistical Supplement, released by the Reserve Bank of India on Friday.
Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-U.S. units like the euro, pound and yen held in the foreign exchange reserves.
The gold reserves fell by $504 million to $40.422 billion in the reporting week.
In the reporting week ended July 1, the Special Drawing Rights with the International Monetary Fund dropped by $77 million to $18.133 billion, RBI said.
The country's reserve position with the IMF rose by $44 million to $5.014 billion in the reporting week, the data showed.
Earlier this week, RBI had announced a slew of measures to enhance forex inflows to boost the rupee which has been declining against the U.S. dollar.
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