India's foreign exchange reserves continued to rise to record levels with fresh inflows of $588 million to touch $77.598 billion during the week ended May 2.

The country's foreign currency assets rose by $733 million at $74.205 billion, according to Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.

The rise is mainly due to fresh inflows and revaluation of non-US currencies, including the euro, against the US dollar, analysts said.

RBI said gold reserves during this period declined by $145 million due to volatility in the prices while special drawing rights remained unchanged at $4 million.

The loans and advances to the central government rose by Rs 7,193 crore (Rs 71.93 billion) at Rs 15,152 crore (Rs 151.52 billion) while that to state governments declined by Rs 3,111 crore (Rs 31.11 billion) at Rs 2,836 crore (Rs 28.36 billion), the RBI said.

Aggregate deposits of scheduled commercial banks, after registering a fall last week, rose again by Rs 16,839 crore (Rs 168.39 billion) to Rs 13,21,185 crore (Rs 13,211.85 billion) while bank credit decreased further by Rs 10,342 crore (Rs 103.42 billion) at Rs 7,31,429 crore (Rs 7314.29 billion).