India’s foreign exchange reserves witnessed a substantial increase, surging by a record USD 44.903 billion to reach an unprecedented lifetime high of USD 785.706 billion, according to a Friday notification from the Reserve Bank of India.

For the week ended September 4, foreign currency assets, a principal constituent of the reserves, rose USD 47.498 billion to USD 648.168 billion.

The value of gold reserves diminished by USD 2.594 billion, settling at USD 113.816 billion over the week, according to the Reserve Bank of India, which also reported that special drawing rights declined by USD 4 million, reaching USD 18.806 billion.

India’s foreign exchange reserves held with the International Monetary Fund increased by USD 2 million, reaching USD 4.916 billion as of the most recent reporting week, data released by the central bank indicates.