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The forex reserves had declined by $678 million in the previous week. The foreign currency assets, which is the biggest component of the forex reserves, slumped by $3.504 billion to $566.077 billion during the week under review, according to the RBI's weekly statistical supplement.

The foreign currency assets had dipped by $1.115 billion in the week ended January 21. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound Sterling and Japanese Yen held in the foreign exchange reserves.

The value of gold reserves declined by $844 million to $39.493 billion during the week under review. 

The value of India's Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by $141 million to $19.011 billion, while India's reserve position in the IMF dropped by $42 million to $5.174 billion.