The country's foreign exchange reserves declined by $3.15 billion to $293.5 billion, according to the Reserve Bank of India's ‘Weekly Statistical Supplement'.
In the previous week ended December 30, the reserves had fallen by a whopping $4.2 billion to $296.7 billion. Reserves dipped below $300 billion for the first time since February, taking them to a 51-week low.
A break-up of the forex reserves shows that foreign currency assets declined by $3.1 billion to $259.809 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 appreciated from $1.293 to $1.271 against the dollar, during the week under review.
SDRs declined by $14.8 million to $4.4 billion. The country's reserve position in the IMF fell by $9.1 million to $2.7 billion.