India's forex reserves surged $12.422 billion to a fresh all-time high of $729.328 billion in the week ended August 21, according to data released by the Reserve Bank of India (RBI) on Friday, August 28.
In the previous week, the country's forex kitty rose $9.905 billion to $716.907 billion.
Prior to latest data, the all-time high had stood at $728.494 billion, attained during the week ended February 27 this year, just before the onset of the Middle East conflict. Geopolitical tensions led to several weeks of a drop as the rupee and the RBI had to intervene in the forex market through dollar sales.
For the week ended August 21, foreign currency assets, a major component of the reserves, increased $9.482 billion to $591.333 billion, the central bank's data showed.
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Expressed in dollar terms, foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.
It can be recalled that the central bank and the government had last month launched a series of measures, including the FCNR(B), to attract more forex flows into the country. The country has so far received $72 billion under the concessional swap measures.
Value of gold reserves increased $2.801 billion to $114.218 billion during the week, the RBI said.
The special drawing rights (SDRs) were up by $112 million at $18.852 billion, the apex bank said.
India's reserve position with the IMF was also up $26 million to $4.925 billion at the end of the reporting week, according to the apex bank's data.
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