India's forex reserves increased $5.574 billion to $629.557 billion in the week ended January 24, the Reserve Bank of India said on Friday (January 31). In the previous reporting week, the overall kitty had dropped $1.888 billion to $623.983 billion.

The reserves have been on a declining trend for the last few weeks, and the drop has been attributed to revaluation, along with forex market interventions by the Reserve Bank of India (RBI) to help reduce volatilities in the rupee.

The forex reserves had increased to an all-time high of $704.885 billion in September.

For the week ended January 24, foreign currency assets, a major component of the reserves, increased from $4.758 billion to $537.891 billion, as per the RBI data.