India's foreign exchange reserves declined sharply by $1.37 billion during the week ended August 27 after witnessing a marginal dip of $430 million a week earlier.

The drop in foreign exchange reserves by $1.37 billion to $117.52 billion 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 $1.36 billion to $112.10 billion, the Reserve Bank of India said in its weekly statistical supplement released on Saturday.

Gold reserves and special drawing rights remained static at $4.12 billion and $1 million respectively, the central bank said.