The country's forex reserve now stands at $1,38,661, a fall of $1,168 million, during the week under review, according to the Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.
India's foreign exchange reserves had increased by $175 million for the week ended May 27, 2005 after registering a decline for the previous four weeks.
Analysts have blamed the fall in reserves on the revaluation of international currencies. The foreign currency assets also took a hit, falling by $1,218 million to $1,32,730 million for the reporting week.
Gold reserves also fell by $67 million to $4,376 million while Special Drawing Rights remained static at $ 4 million. The country's reserve tranche position rose by $117 million to $1,551 million, it said.
Loans and advances to the state government decreased by Rs 712 crore (Rs 7.12 billion) to Rs 183 crore (Rs 1.83 billion) while that to the central government showed a nil balance.
During the fortnight ended May 27, aggregate deposits rose by Rs 394 crore (rs 3.94 billion) to Rs 17,78,358 crore (Rs 17783.58 billion).
The demand deposits were down by Rs 4,314 crore (Rs 43.14 billion) to Rs 2,52,926 crore (Rs 2529.26 billion) while time deposits were up by Rs 4,709 crore (Rs 47.09 billion) to Rs 15,25,432 crore (Rs 15254.32 billion).
Bank credit grew by Rs 6,919 crore (0.6 per cent) to Rs 11,44,051 crore (Rs 11440.51 billion).
The food credit rose by Rs 1,335 crore (Rs 13.35 billion) to Rs 45,727 crore (Rs 457.27 billion) while non food credit was up Rs 5,564 crore (Rs 55.64 billion) at Rs 10,98,324 crore (Rs 10983.24 billion), it added.