India's foreign exchange reserves declined for the second consecutive week, falling $616.4 million to $293.69 billion due to decrease in currency assets, the Reserve Bank of India said on Friday.
The total reserves had slumped by $2.06 billion to $294.31 billion in the previous reporting week. Foreign currency assets that form a major component of the foreign reserves, were down $568.1 million to $ 263.16 billion for the week ended May 10, the RBI's weekly statistical supplement said.
Foreign currency assets expressed in US dollars include the effect of appreciation or decline in non-US currencies, the RBI said. Gold reserves remained unchanged at $23.97 billion, while special drawing rights (SDRs) were down $31.9 million to $4.32 billion.
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