India's forex reserves rose by $1.66 billion to $586.41 billion as of April 14, marking their second consecutive week of increase, according to the RBI data released on Friday.

In the previous reporting week, the overall reserves rose by $6.31 billion to $584.76 billion.

For the week ended April 14, the foreign currency assets, a major component of the reserves, increased by $2.20 billion to $516.64 billion, according to the Weekly Statistical Supplement released by the RBI.

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 dropped by $521 million to $46.13 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by $38 million to $18.41 billion, the apex bank said.

The country's reserve position with the IMF was up by $12 million to $5.19 billion in the reporting week, the apex bank data showed.