India's forex reserves up by $4.88 bn to record high of $728.5 bn for week ending Feb 27

India's foreign exchange reserves went up by $4.88 billion to reach record high of $728.5 billion in the week ending February 27, latest data released by the Reserve Bank of India (RBI) showed on Friday.

For the week ended February 20, foreign currency assets, a major component of the reserves, increased by $561 million to $573.13 billion, the data released by the central bank showed. Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

The value of the gold reserves increased by $4.141 billion to $131.63 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $26 million to $18.866 billion, the apex bank said. India's reserve position with the IMF was also went up by $158 million to $4.873 billion in the reporting week, according to the apex bank's data.