Mumbai: Foreign exchange reserves of the country fell further by over $4 billion, causing a whopping decline in the the foreign currency assets (FCA) for a second consecutive week.

FCAs declined from $302.744 billion in the previous week to $298.661 billion on 4 July, down $4.083 billion, RBI weekly data showed

Foreign exchange reserves with the Reserve Bank of India fell by a whopping $3.393 billion for the week ended 4 July to $308.397 from $311.790 in the previous week.

Forex reserves had dropped by $691 million in the previous week.

FCAs expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as Euro, Sterling and Yen held in reserves, RBI said.

Gold reserves with the RBI improved marginally this week to $9.208 billion as compared to $9.202 billion in the previous week while the Special Drawing Rights remained static at $11 million, the RBI report said.

India's reserve position in the International Monetary Fund fell by $10 million during the week and stood at $517 million as against $527 million in the previous week, the central bank said.