India's forex reserves jump by $3.51 billion to $694.23 billion

India's forex reserves jumped by $ 3.51 billion to $ 694.23 billion for the week ended August 29, the RBI said on Friday.

The overall reserves had dropped by $ 4.386 billion to $ 690.72 billion in the previous reporting week.

For the week ended August 29, foreign currency assets, a major component of the reserves, increased by $ 1.686 billion to $ 583.937 billion, the latest data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves increased by $ 1.766 billion to $ 86.769 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $ 40 million to $ 18.775 billion, the apex bank said.

India's reserve position with the IMF was also up by $ 18 million at $ 4.749 billion in the reporting week, the RBI data showed.