Forex reserves rise $8.895 bn to record high of $642.453 bn

The country's foreign exchange reserves increased by $8.895 billion to reach a record high of $642.453 billion in the week ended September 3, RBI data showed. In the previous week ended August 27, the reserves had surged $16.663 billion to $633.558 billion, mainly due to a rise in Special Drawing Rights (SDR) holdings. International Monetary Fund (IMF) had made an allocation of SDR 12.57 billion to India. For the week ended September 3, the increase was on account of a rise in foreign currency assets (FCAS), a major component of the overall reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.