The country's foreign exchange reserves declined by $1.47 billion to $633.61 billion in the week ended December 31, RBI data showed.
In the previous week ended December 24, the reserves dipped by $587 million to $635.08 billion.
It touched a life-time high of $642.45 billion in the week ended September 3, 2021.
During the reporting week ended December 31, the decline in foreign exchange reserves was on account of a fall in foreign currency assets (FCA), a major component of the overall reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.
FCA declined by $1.48 billion to $569.89 billion in the reporting week, the RBI data showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves rose by $14 million to $39.40 billion in the reporting week, the data showed.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at $19.11 billion in the reporting week, the RBI said.
The country's reserve position with the IMF was also unchanged at $5.207 billion in the reporting week, the data showed.
Photograph: Reuters