India’s foreign exchange (forex) reserves declined by $2.26 billion to $312.65 billion for the week ended May 23, led by a sharp fall in overseas currency assets, Reserve Bank of India (RBI) data showed.

The reserves have fallen for the first time in the last five weeks.

The reserves had risen by $1.09 billion to $314.92 billion for the week ended May 16. For the week ended May 9, the Forex had gained by $1.97 billion to $313.83 billion.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by $2.25 billion to $285.56 billion in the week under review.

The foreign currency assets had increased by $1.26 billion to $287.81 billion for the week ended May 16.

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

However, India’s reserve position with the International Monetary Fund (IMF) decreased by $3.7 million to $1.67 billion.

The value of special drawing rights (SDRs) also fell. The SDRs were down $9.8 million to $4.45 billion.

The value of gold reserves remained the same in the period under review at $20.96 billion. The reserves had declined by $601 million at $20.96 billion in week ended May 2.