India's forex reserves rise by $11.47 billion to hit record high of $740.80 billion as of August 28

India's foreign exchange reserves increased by $11.47 billion to $740.80 billion in the week ended August 28, according to data released by the Reserve Bank of India (RBI) on Friday.

The latest record comes after India's forex reserves surged by $12.422 billion to $729.328 billion in the previous week ended August 21.

In addition, foreign currency assets (FCA), the largest component of reserves, increased by $9.337 billion during the week to $600.67 billion.


While FCA holdings were up $48.387 billion from end-March and $16.73 billion higher than a year ago.

Moreover, gold reserves rose by $2.191 billion on the week to $116.409 billion. And, gold holdings have increased by $1.014 billion since the end of March and were higher by $29.641 billion from a year earlier.

India's Special Drawing Rights (SDRs) with the International Monetary Fund stood at $18.81 billion, down $43 million from the previous week. SDR holdings were up $188 million from end-March.

The country's reserve position with the IMF decreased by $11 million during the week to $4.914 billion. It was up $106 million from end-March.

The RBI continues to keep a close watch on developments in the foreign exchange market and steps in whenever required to maintain orderly market conditions, while refraining from targeting any specific exchange rate.