India’s foreign exchange reserves fell by $2.234 billion to $550.871 billion in the week ended September 9, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, foreign exchange reserves fell by $7.941 billion to $553.105 billion.

According to the weekly statistical supplement released by the RBI, the decline in reserves during the reporting week was due to a decline in foreign exchange assets (FCA), the main component of total reserves. During the reporting week, FCA decreased by $2.519 billion to $489.598 billion.

In dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign reserves. The data showed that the value of gold reserves increased by $340 million to $38.644 billion.

Special Drawing Rights (SDR) decreased by $63 million to $17.719 billion. Data showed that the country’s reserve position with the International Monetary Fund (IMF) rose by $8 million in the reporting week to $4.91 billion.