The reserves declined by US$2.938 billion to US$ 273.300 billion for the week ended May 14, compared to US$276.238 billion in the previous week, RBI data showed.
The rupee posted its biggest weekly decline in nearly 14 years after swaying within a large band on Friday. The partially convertible rupee closed at 46.95/96 per dollar, 0.3 per cent weaker than its previous close of 46.81/82. On the week the, rupee dropped 3.8 per cent, its biggest fall since a 11.7 per cent decline in mid-July 1996.