After touching a record high, the country's forex reserves declined marginally by $443.6 million to $ 375.27 billion in the week to May 12, due to fall in foreign currency assets, the Reserve Bank said.
In the previous week, the reserves had touched a life -time high of $375.71 billion.
Foreign currency assets (FCAs), a major component of the overall reserves, dipped by $429.4 million to $351.10 billion in the reporting week, the RBI said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves remained stable at $20.438 billion after rising for the first time in past few weeks in the previous week.
The special drawing rights with the International Monetary Fund decreased by $5.5 million to $1.454 billion.
The country's reserve position with the IMF too declined by $8.7 million to $2.280 billion, the RBI said.