No it dose not effect the baby. I lost 13 pounds in the 1 and 2nd trimester! I have gained it back now though. And my little guy's weight is right on track. If the Dr. said that very thing is ok then it is. As long as you take your prenatal s and don't get dehydrated. I drank lots of choc. or strawberry milk too. ( I can't stand milk with out any thing in it.) And I ate whatever I craved or wanted. Anita
If the dr said the weight loss is ok then probably is. I lost 20 pounds with my first and so far with this one 13 pounds. All because of morning sickness and nausea.
As long as you stay hydrated and eat as often as you can then a little weight loss isn't too bad. However, you should never be trying to lose weight while pregnant through dieting or excesive exercise.
If your dr said that the baby is fine, then it most likely is. You shouldn't intentionally try losing weight however, and you should probably discuss a healthy/safe method of putting on weight with your dr or a nutritionist who has experience with pregnant women. Good luck! :)