Foreign currency assets (FCAs), the largest component of the reserves, declined by $6.48 billion to $545.90 billion during the week.
Gold reserves also fell by $1.54 billion to $119.32 billion.
Special Drawing Rights (SDRs) slipped by $49 million to $18.82 billion during the reporting week.
India’s reserve position with the International Monetary Fund (IMF) declined by $25 million to $4.85 billion.
In rupee terms, the country’s total forex reserves declined by Rs 24,874 crore to Rs 66.11 lakh crore during the week ended May 15.
On a year-on-year basis, India’s forex reserves were higher by $3.16 billion. Gold reserves rose by $38.10 billion compared with the corresponding period last year, while foreign currency assets were down by $35.75 billion.
The Reserve Bank of India closely monitors the foreign exchange market and intervenes when required to curb excessive volatility in the rupee, while avoiding any fixed exchange rate target.