India's foreign exchange reserves fell further by $430 million at $118.89 billion during the week ended August 20 after witnessing a marginal dip of $14 million a week earlier.

The drop in foreign exchange reserves was mainly due to revaluation of the rupee vis-a-vis the US dollar.

The foreign currency assets during the period under review also dropped by $439 million to $1,13,461 million, the Reserve Bank of India said in its weekly statistical supplement released on Saturday.

Gold reserves remained static at $4.12 billion, the central bank said.

India's Reserve Tranche Position with International Monetary Fund increased by $9 million and stood at $ 1.31 billion, it said.