Forex reserves up $22 million

India’s foreign exchange reserves rose $22 million to $283.52 million during the week ended January 1, mainly due to the revaluation of gold.

According to the data released by the Reserve Bank of India (RBI), foreign currency assets declined $85 million to $258.63 billion. Gold under the reserves went up by $110 million to $18.29 billion, while special drawing rights dropped $3 million to $5.17 billion.