After witnessing a decline in the previous week, India's foreign exchange reserves soared by over $1.24 billion to cross $119 billion, for the week ended May 28.

The country's foreign exchange reserves rose from $118.57 billion to $119.82 billion during the period under review, according to the Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.

The foreign currency assets registered a growth of $1.23 billion at $114.32 billion.

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

RBI said gold reserves and special drawing rights remained static at $4.191 billion and $2 million, respectively.

India's Reserve Tranche Position with the International Monetary Fund increased by $13 million to $1.301 million, the central bank said.

Loans and advances to the central government declined by Rs 731 crore (Rs 7.31 billion) to Rs 3,421 crore (Rs 34.21 billion), while that to state governments also fell by Rs 387 crore (Rs 3.87 billion) to Rs 3,649 crore (Rs 36.49 billion), it added.