India's foreign exchange (forex) reserves increased by $1.26 billion to $292.33 billion for the week ended February 7, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had decreased by $1.16 billion to $291.07 billion for the week ended January 31.

According to the RBI's weekly statistical supplement foreign currency assets, the biggest component of the forex reserves, grew by $1.26 billion to $265.83 billion.

The foreign currency assets had fallen by $1.48 billion to $264.56 billion in the week ended January 31.

RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

The value of special drawing rights (SDRs) decreased by $1.3 million to $4.42 billion during the week under review. India's reserve position with the International Monetary Fund ( IMF) fell by $1.5 million to $1.99 billion.

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The value of India's gold reserves grew by $351.2 million at $20.07 billion.