In the previous recorded data for week ending January 2, the reserves had noticed a sharp drop by by $9.809 billion to $686.801 billion, central bank data showed.
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However, Foreign currency assets (FCAs), which make up the bulk of the reserves, fell by $1.124 billion during the reported week to stand at $550.87 billion.
In dollar terms, FCAs reflect not only changes in asset values but also the impact of movements in major non-US currencies such as the euro, pound sterling, and yen that are held as part of the reserve basket.
Gold holdings went up, marking a rise by $1.568 billion to $112.83 billion over the week.
Also Read | India Q2 GDP growth quickens on year to 8.2%, a six-quarter high even before full impact of GST cut kicks inMeanwhile, India’s Special Drawing Rights (SDRs) also edged down by $39 million to $18.739 billion, while the country’s reserve position with the International Monetary Fund fell by $13 million to stand at $4.758 billion as of January 9.
The RBI closely monitors developments in the foreign exchange market and intervenes when necessary to maintain orderly conditions. Such actions are aimed at limiting excessive volatility in the rupee and are not linked to defending any specific exchange rate level or band.