Mumbai: Reversing the decline in the previous two weeks, India's foreign exchange reserves increased by $2.8 billion for the week-ended 28 December to reach $275.559 billion.

The reserves had declined by $232 million for the week ended 21 December and by $599 million for the week ended 14 December.

According to data from the Reserve bank of India, foreign currency assets increased by $2.833 billion to $266.767 billion against $263.934 billion including the appreciation or depreciation of other currencies held as reserves by the RBI.

India's reserves position in the International Monetary Fund rose to $432 million, a growth of $4 million during the week.

Gold reserves and special drawing rights remained constant at $8.357 billion and $3 million respectively, it added.