India's foreign exchange reserves grew by $700 million to touch $1,20,778 million for the week ended July 9.

The foreign currency assets registered a growth of $687 million at $1,15,405 million, according to the Reserve Bank of India's weekly statistical supplement released on Saturday.

Analysts said revaluation of the US dollar against other international currencies and fresh inflows led to this growth in reserves.

RBI said gold reserves and special drawing rights remained static at $4,057 million and $2 million, respectively.

India's Reserve Tranche Position with the International Monetary Fund rose by $13 million to $1,314 million, the central bank said.

Loans and advances to central government declined by Rs 2,406 crore (Rs 24.06 billion) to Rs 3,629 crore (Rs 36.29 billion) while that to state governments were up by Rs 839 crore (Rs 8.39 billion) to Rs 3,234 crore (Rs 32.34 billion).