India’s forex reserves jumped $11.475 billion to a new all-time high of $740.803 billion during the week ended August 28, the RBI said on Friday.

In the previous reporting week, the kitty increased $12.422 billion to a $729.328, then a record high.

The previous all-time high had stood at $728.494 billion was attained during the week ended February 27 this year, right before the onset of the Middle East conflict. The 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.

The reserves have been increasing since the RBI announced the concessional forex swap initiatives in June this year amid a sharp depreciation in the local currency. The move has yielded over $132 billion in new flows.

For the week ended August 28, foreign currency assets, a major component of the reserves, increased by $9.337 billion to $600.67 billion, the central bank’s data showed.

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 the foreign exchange reserves.

Value of gold reserves increased $2.191 billion to $116.409 billion during the week, the RBI said.

The special drawing rights (SDRs) were down $43 million at $18.81 billion, the apex bank said.

India’s reserve position with the IMF were also down by $11 million to $4.914 billion at the end of the reporting week, according to the apex bank’s data.