India's foreign exchange reserves declined for the first time in the current fiscal by $56 million to reach $118.57 billion for the week ended May 21.

The country's foreign currency assets were also down by $74 million to $113.09 billion during the period under review, according to Reserve Bank of India's weekly statistical supplement issued in Mumbai on Saturday.

Analysts said foreign institutional investors were net sellers in equities at over $200 million during reporting week which was marked by suspension of trading on May 17 due to extreme volatility.

The appreciation and depreciation of international currencies such as euro, sterling pound and yen also impacted the currency reserves, they said.

Gold reserves and special drawing rights remained static at $4.191 billion and $2 million, respectively.

India's Reserve Tranche Position with the International Monetary Fund increased by $18 million to $1,288 million, the central bank added.