India's foreign exchange reserves fell by $4.29 billion to $316.497 billion in the week ended September 9, according to the Reserve Bank of India's Weekly Statistical Supplement.

The foreign exchange reserves declined after three consecutive weeks of rise in foreign exchange reserves.

In the previous week, forex exchanges reserves increased by $1.610 billion to $320.785 billion.

The reserves fell mainly due to a decline of $4.174 billion in the foreign currency asset to $280.701 billion.

Foreign currency assets 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.

The rupee gained at 47.27 per dollar, from 47.55 at end of trade on Thursday, on positive sentiment after the central bank delivered an expected 25-basis point rate hike. A hike in interest rates is expected to bring in inflows from foreign institutional investors, which would help the rupee to appreciate.

The euro extended its decline on Friday, hitting a session low against the dollar amid jitters on the day of a meeting of euro zone finance ministers. In the week under consideration, the euro weakened against the dollar.

Gold was unchanged at $28.319 billion.

SDRs declined by $69 million to $4.547 billion. India's reserve position in the IMF declined by $45 million to $2.930 billion.

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