After a fall last week, India's foreign exchange reserves have recorded a rise again and are nearing the $85 billion mark.

The country's foreign exchange reserves grew by $297 million at $84.997 billion during the week ending August eight, 2003. The reserves do not include India's Reserve Tranche Position with the International Monetary Fund.

The RTP as on August one stood at $972 million following a contribution of $8 million, it said.

The foreign currency asset also showed a rise of $297 million at $81.364 billion during this period, according to Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.

Gold reserves and special drawing rights stood at $3.628 billion and $5 million respectively, it added.

RBI said loans to the state governments were up by Rs 1,001 crore (Rs 10.01 billion) at Rs 3,430 crore (Rs 34.3 billion) while that to central government declined by Rs 4,755 crore (Rs 47.55 billion) resulting in a nil balance.