MUMBAI: India’s foreign exchange (forex) reserves fell by $31.6 million to $309.41 billion for the week ended April 18,Reserve Bank of India (RBI) data showed.

There was a sharp decline in foreign currency assets component of forex in the week under review.

For the week ended April 11, the forex reserves had risen by $2.79 billion to $309.44 billion.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, fell by 16.2 million to $281.53 billion.

The RBI said that 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.

The biggest component of the forex reserves, had increased by $2.74 billion to $281.55 billion in the week ended April 11.

India’s reserve position with the International Monetary Fund (IMF) slipped by $4.5 million to $1.83 billion.

The value of special drawing rights (SDRs) decreased by $10.9 million to $4.47 billion.

However, the value of gold reserves remained unchanged at $21.56 billion.