India’s Foreign exchange reserves increased $22 million on the week ended January 1 as gold reserves of the country increased. Total Foreign exchange reserves for the country stood at $283.521 billion. The rise comes after a fall in the last three consecutive weeks.

A rise of $110 million in gold reserves to $18.292 billion was reported in the weekly statistical supplement by Reserve Bank of India. The bank said that the total reserves rose $28.3 billion in the past year.

Reserves had fallen $144 million to $283.499 billion in week ended December 25.

However the foreign currency assets fell $85 million to $258.6 billion. These comprise of overseas currencies, gold and special drawing rights with the IMF. While the reserves with the IMF remained at $1.4 billion special drawing rights fell $3 million to $5.169 billion.

The money markets maintained a steady overnight rate between 3.20-3.40% along with substantial liquidity. The rupee fell from a 15 month high of 45.55 to 45.75/76 per dollar, about 0.2% below its close of 45.68/69 on Thursday.

The 10-year benchmark paper bond with 6.90% maturing 2019 closed lower from Thursday’s 7.79% at 7.76%. The Sensex fell 0.4% on Friday as many firms involved in exports relating to outsourcing were uncomfortable with the strengthening rupee.