Mumbai, Sep 5 (IANS): India's foreign exchange reserves grew by $60.5 million to $318.64 billion due to an increase in the currency assets for the week ended Aug 29, Reserve Bank of India (RBI) data showed Friday.

The reserves had declined by $810.7 million to $318.57 billion for the week ended Aug 22.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, increased by $75 million at $291.39 billion in the week under review.

The foreign currency assets had plunged by $783 million to $291.31 billion for the previous week.

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

India's reserve position with the International Monetary Fund (IMF) slipped by $4.00 million to $1.68 billion.

The value of special drawing rights (SDRs) was down by $10.5 million at $4.38 billion.

However, the value of gold reserves remained static at $21.17 billion. The bullion had increased by $538.9 million at $21.17 billion in the previous week.