Mumbai, May 15 (PTI) India's forex reserves jumped by USD 6.295 billion to USD 696.988 billion during the week ended May 8, the Reserve Bank said on Friday.

The overall reserves had dropped by USD 7.794 billion to USD 690.693 billion in the previous reporting week.

The forex kitty had expanded to an all-time high of USD 728.494 billion during the week ended February 27 this year, before the onset of the West Asia crisis, which led to several weeks of drop, as the rupee came under pressure and the Reserve Bank of India (RBI) had to intervene in the forex market through dollar sales.

For the week ended May 8, foreign currency assets, a major component of the reserves, increased by USD 562 million to USD 552.387 billion, the central bank's data showed.

Expressed in dollar terms, the 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 jumped by USD 5.637 billion to USD 120.853 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 84 million to USD 18.873 billion, the apex bank said.

India's reserve position with the IMF was also up by USD 12 million to USD 4.875 billion at the end of the reporting week, according to the apex bank's data. PTI AA DRR

Foreign exchange reserves rise as gains in foreign currency assets, gold reserves and SDRs improve the overall position. India's foreign exchange reserves increased during the reporting week, driven by gains in foreign currency assets and a sharp rise in gold reserves. The reserve position also showed marginal increases in Special Drawing Rights and the IMF reserve tranche position, while remaining below the earlier all-time high reached before the West Asia crisis and related rupee pressure.