India’s foreign exchange reserves fell by $1.268 billion in the first week of the year to $561.583 billion.

Foreign currency assets, the main component of reserves, fell by $1.747 billion while reserves held in gold rose by $461 million, according to data from the Reserve Bank of India.

The fall in currency holdings may have been due to central bank sales of dollars to support the rupiah, traders said. RBI did not give reasons for the rise or fall or foreign exchange reserves.

Data released in the weekly statistical supplement also showed that the pace of bank credit growth at the end of Dec. 30 slowed to 14.9% year-on-year growth, from 17.4% impressions recorded during the previous fortnight.