Mumbai: India's foreign exchange (forex) reserves declined by USD2.40 billion to USD310.50 billion for the week ended June 10 from USD312.90 billion in the previous week due to a sharp drop in the value of foreign currency assets.The forex reserve has dropped for the first time in the last four reporting week.

The country's foreign exchange reserves kitty had increased by USD5.41 billion during the previous three reporting weeks. The forex reserves had increased by USD2.69 billion in the week ended June 3.   After three consecutive weekly gains, the foreign currency assets, the biggest component of the forex reserves kitty, fell by USD2.39 billion to USD278.51 billion during the week ended June 10, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

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

The value of special drawing rights (SDRs) declined marginally by USD2 million to USD4.62 billion and reserves with the International Monetary Fund fell by USD2 million to USD2.98 billion.  The value of gold reserves remained unchanged at USD24.39 billion during the week under review after registering a gain of USD601 million in the previous week.