India’s foreign exchange reserves surged USD 11.475 billion to a fresh all-time high of USD 740.803 billion in the week ended August 28, according to data released by the RBI on Friday.

In the previous reporting week, forex reserves had risen by USD 12.422 billion to USD 729.328 billion, which was a record at the time.

The previous record high stood at USD 728.494 billion, reached during the week ended February 27 this year, before the onset of the Middle East conflict. The subsequent geopolitical tensions triggered several weeks of decline in reserves as the rupee came under pressure and the RBI intervened in the forex market through dollar sales.