India's foreign exchange reserve fell by $4.56 billion to $247.62 billion during the week-ended January 23, 2009 mainly due to revaluation of assets and heavy pullout by foreign institutional investors.

According to data released by the Reserve Bank of India [Get Quote] on Friday, foreign currency assets dropped by $4.54 billion to $238.30 billion during the week.

Gold and special drawings rights have remained unchanged in the reserve. During the week, the reserve position in the International Monetary Fund dropped by $15 million to $828 million.

Following the Satyam [Get Quote] scandal, FIIs have been net sellers in the equity market to the tune of $1,31 billion. During the week ended January 23, they sold equities to the tune of $518 million.

Foreign exchange dealers attributed the dip mainly to revaluation of the euro. Foreign currency assets expressed in dollar include the impact of appreciation or depreciation of currencies such as the euro, sterling pound and yen in the reserves.