India's foreign exchange reserves fell for the second consecutive week, registering a decline of $423 million for the week ended May 6, 2005.
The foreign exchange reserves stood at $141.48 billion, a decline of $423 million, during the week under review, according to the Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.
The fall in the inflows is mainly due to appreciation of the US dollar and appreciation/depreciation of non-US currencies like euro, pound sterling and yen, analysts said.
The foreign currency assets also registered a fall of $366 million to reach $135.58 billion for the reporting week.
Gold reserves dipped by $57 million to $4.44 billion.
The country's reserve tranche position in the IMF stood at $1.44 billion, it said.
Loans and advances to the state government declined by Rs 3,213 crore (Rs 32.13 billion) to Rs 1,480 crore (Rs 14.8 billion) while that to the central government showed a nil balance.