Mumbai, Oct 5 (IANS): India's foreign exchange (forex) reserves fell by $1.11 billion to $276.26 billion for the week ended Sep 27 as compared to $277.38 billion in the previous week due to a sharp drop in the value of foreign currency assets, official data showed.

The forex reserves has declined sharply after a significant gains in the previous two weeks. The reserves had increased by $277.38 billion and $544.7 million respectively in the previous two weeks.

According to the Reserve Bank of India (RBI) Weekly Statistical Supplement, India's foreign currency assets, the biggest component of the forex reserves, dropped by $1.29 billion to $247.92 billion for the week ended Sep 27.

The foreign currency assets, expressed in the US dollar term, include the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

However, India's reserve position with the International Monetary Fund (IMF) jumped by $177.7 million to $2.19 billion and the value of the special drawing rights (SDRs) increased by $1.1 million to $4.42 billion.

The value of India's gold reserves remained unchanged at $21.72 billion during the week under review.