The foreign currency assets were down $2.285 billion to $326.839 billion
After rising for many weeks, the foreign exchange reserves have dipped steeply by $2.319 billion to $351.557 billion due to a sharp fall in the core currency assets for the week ending May 22, the Reserve Bank said on Friday.
In the previous reporting week, the forex reserves had surged by $1.745 billion to touch a record high of $353.876 billion.
The foreign currency assets, a major component of the overall reserves, were down $2.285 billion to $326.839 billion for the week to May 22, the RBI's weekly data release said.
Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.
Gold reserves remained stable at $19.335 billion, the apex bank said.
The special drawing rights with the International Monetary Fund were down by $26.1 million to $4.064 billion, while the country's reserve position with the fund also dipped by $8.5 million to $1.317 billion, the data showed.
According to Deutsche Bank data, the RBI has picked up more than $100 billion in forex reserves in the last 18 months.
