A $4 billion decline in the foreign currency assets (FCA) caused a further fall

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in India's foreign exchange reserves for the second consecutive week.

Reserves fell by a whopping $3.393 billion for the week ended July 4 to $308.397 from $311.790 in the previous week, the Reserve Bank weekly data said.

The reserves had dropped by a marginal $691 million in last week.

FCAs declined from $302.744 billion in the previous week to $298.661 billion, down $4.083 billion, RBI data said.

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.

Meanwhile, the gold reserves 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 USD 11 million, the apex bank 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.