The reserves had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion.
In the reporting week ended April 3, the foreign currency assets (FCA), a major component of the overall reserves, decreased by $547 million to $439.12 billion.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
The gold reserve also declined by $340 million to $30.55 billion in the reporting week, the RBI data
The special drawing rights with the International Monetary Fund (IMF) were up by $5 million to $1.43 billion.
The country's reserve position with the IMF dipped by $19 million to $3.57 billion, the data showed.