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

The overall reserves had dropped by USD 4.386 billion to USD 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 USD 1.686 billion to USD 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 USD 1.766 billion to USD 86.769 billion during the week, the RBI said.

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

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