Mumbai, Sep 12 (PTI) India's forex reserves jumped USD 4.038 billion to USD 698.268 billion during the week ended September 5 on the back of a sizeable increase in value of gold reserves, the RBI data said on Friday.

In the previous reporting week, the overall reserves had jumped by USD 3.51 billion to USD 694.23 billion.

For the week ended September 5, foreign currency assets, a major component of the reserves, increased by USD 540 million to USD 584.477 billion, the 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 3.53 billion to USD 90.299 billion during the week, the data said.

The Special Drawing Rights (SDRs) were down by USD 34 million to USD 18.742 billion, the apex bank said.

India's reserve position with the IMF was up by USD 2 million at USD 4.751 billion in the reporting week, the Reserve Bank data showed. PTI AA SHW

Foreign exchange reserves rise as valuation gains in gold and currency holdings alter reserve composition under RBI reporting. The Reserve Bank of India publishes weekly data on foreign exchange reserves under the FEMA/RBI reporting framework, showing a net increase driven by valuation gains; the report disaggregates movements in foreign currency assets, gold reserves, Special Drawing Rights, and India's reserve position with the IMF, and notes that foreign currency asset figures reflect valuation changes in non US currencies held in reserves.