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Foreign exchange reserves fell by $1.42 billion for the week ended September 26 to $314.18 billion, show Reserve Bank of India (RBI) data released on Friday.
The reserves are near a level last seen in June 2014. The reserves stood at $313.54 billion in the week ended June 13, 2014. Foreign currency assets, a key component of reserves, fell by $1.39 billion to $287.39 billion.
According to currency dealers, the fall in reserves are not necessarily due to RBI intervention in the forex market. It is due to revaluation of the currencies.
Gold reserves remained unchanged during the week at $20.93 billion.
For the week under review, the special drawing rights fell by $17.4 million to $4.31 billion, while India's reserve position with the International Monetary Fund was down $6.2 million to $1.55 billion.
