India’s foreign exchange reserves surged by massive $11.938 billion to touch fresh lifetime high of $534.568 billion in the week ended July 31, RBI data showed.

In the previous week, reserves had swelled by $4.993 billion to $522.630 billion. The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5.

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While announcing the monetary policy on Thursday, Reserve Bank of India Governor Shaktikanta Das said the reserves at $534.6 billion are equivalent to 13.4 months of imports. So far in FY2020-21 (up to July 31), the reserves have risen by $56.8 billion, he had said.

In the week ended July 31, the reserves rose due to gains in foreign currency assets (FCA), a major component of the overall reserves. FCAs were up by $10.347 billion to $490.829 billion in the reporting week, the RBI 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.

Gold reserves were up by $1.525 billion in the reporting week to $37.625 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) rose by $12 million to $1.475 billion.

The country’s reserve position with the IMF also increased by $54 million to $4.639 billion during the reporting week, the data showed.