India's forex reserves jump $44.90 billion to record $785.71 billion as of September 4

India's foreign exchange reserves surged by $44.90 billion to a record $785.71 billion in the week ended September 4, according to data released by the Reserve Bank of India (RBI) on Friday.

The latest increase comes after India's forex reserves rose by $11.47 billion to $740.80 billion in the previous week ended August 28.

Foreign currency assets (FCA), the largest component of reserves, increased by $47.498 billion during the week to $648.17 billion.


FCA holdings were up $95.886 billion from end-March and $63.692 billion from a year earlier.

Gold reserves, however, declined by $2.594 billion during the week to $113.816 billion. Gold holdings were down $1.580 billion from end-March but remained $23.517 billion higher than a year earlier.

India's Special Drawing Rights (SDRs) with the International Monetary Fund declined by $4 million during the week to $18.806 billion. SDR holdings were up $184 million from end-March and $64 million from a year earlier.

The country's reserve position with the IMF rose by $2 million during the week to $4.916 billion. It was up $108 million from end-March and $168 million from a year earlier.

Overall, India's forex reserves were up $94.599 billion from end-March and $87.438 billion from a year earlier.