Mumbai, Jul 24 (PTI) India's forex reserves jumped by USD 1.08 billion to USD 676.237 billion during the week ended July 17, according to the RBI data released on Friday.

In the previous reporting week, the overall forex kitty had jumped by USD 964 million to USD 675.157 billion.

Forex reserves 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 Middle East conflict, which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.

Prime Minister Narendra Modi has also made multiple public appeals starting May 11 to countrymen to conserve forex by cutting down on foreign travel, limiting fuel use and refraining from gold buys for a year.

For the week ended July 17, foreign currency assets, a major component of the reserves, increased by USD 4.549 billion to USD 551.057 billion, the central bank's data showed.

Expressed in dollar terms, the foreign currency assets include 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 dropped by USD 3.48 billion to USD 101.749 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 44 million at USD 18.67 billion, the apex bank said.

India's reserve position with the IMF was down by USD 32 million to USD 4.761 billion at the end of the reporting week, according to the apex bank's data. PTI AA MR

Foreign exchange reserves rose as foreign currency assets increased, while gold reserves fell and IMF reserve position declined. Foreign exchange reserves increased during the reported week, principally because foreign currency assets rose, including valuation effects from movements in non-US currencies held in reserve. Gold reserves declined, Special Drawing Rights increased, and the reserve position with the International Monetary Fund decreased. Earlier reserve declines were associated with rupee pressure and foreign-exchange market intervention through dollar sales.