The country's foreign exchange reserves declined by$1.01 billion to $292.5 billion, according to the Reserve Bank of India's ‘Weekly Statistical Supplement'.
This is the sixth consecutive drop in the country's foreign exchange reserves.
In the previous week ended Janaury 13, the reserves had fallen by a whopping $3.15 billion to $293.5 billion. Reserves dipped below $300 billion for the first time since February, taking them to a 15 month low.
A break-up of the forex reserves shows that foreign currency assets declined by $1 billion to $258.800 billion.
Foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of non-US currencies such as the euro, sterling and yen held in reserves.
The euro depreciated from $1.284 to $1.268 against the dollar, during the week under review.
SDRs declined by $4.7 million to $4.4 billion.
The country's reserve position in the IMF fell by $2.8 million to $2.7 billion. However, the value of gold reserves remained unchanged at $26.62 billion.
The rupee snapped its six day gaining streak on Friday and closed down by six paise to end at 50.31/32 against the dollar on fresh dollar demand from importers. The rupee has gained Rs 1.65, or 3.18 per cent, in the previous six sessions.