The country's foreign exchange reserves declined by $2.71 billion to $637.69 billion in the week to November 26, RBI data showed.
In the previous week ended November 19, the reserves had increased by $289 million to $640.40 billion.
It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
In the reporting week ended November 26, the dip in the foreign exchange reserves was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves and gold reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.
FCA dropped by $1.05 billion to $574.65 billion in the reporting week, the data showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves were down by $1.57 billion to $38.82 billion in the reporting week, the data showed.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $74 million to $19.04 billion.
The country's reserve position with the IMF declined by $25 million to $5.16 billion in the reporting week, the data showed.