Watch foreign exchange reserves: India’s reserves rise to $687.19 billion; surge in gold holdings & more related News Here

India’s foreign exchange reserves rose by $392 million to $687.19 billion in the week ended January 9, according to data released by the Reserve Bank of India (RBI) on Friday, PTI reported.The increase comes after a sharp decline in the previous reporting week, when total reserves fell by $9.809 billion to $686.80 billion.According to the RBI, foreign currency assets (FCA) – the largest component of reserves – declined by $1.124 billion to $550.866 billion during the week.The central bank clarified that FCA, when expressed in dollar terms, includes the impact of appreciation or depreciation of non-US currencies such as the euro, pound sterling and Japanese yen held in reserves.However, gold reserves provided strong support to the overall reserves during the period under review, which increased from $1.568 billion to $112.83 billion.Special drawing rights (SDRs) with the International Monetary Fund declined by $39 million to $18.739 billion, RBI data showed.India’s reserve position with the IMF also declined marginally by $13 million to $4.758 billion in the week under review.