India’s foreign exchange (forex) reserves rose by $2.362 billion to $703.308 billion in the week ended April 17, according to the latest data from the Reserve Bank of India. The increase came after a $3.825 billion rise in the previous reporting week, when reserves had climbed to $700.946 billion.

Gold holdings, a key component of the reserve basket, increased by $790 million during the week to reach $122.133 billion. The continued rise in gold reserves comes amid global uncertainty, with central banks worldwide increasingly relying on bullion as a strategic reserve asset.

Foreign currency assets (FCAs), which form the largest portion of India’s reserves, rose by $1.481 billion to $557.463 billion. FCAs include the impact of movements in non-US currencies such as the euro, pound sterling and yen that are held in the reserves.

India’s special drawing rights (SDRs) with the International Monetary Fund increased by $78 million to $18.841 billion. The country’s reserve position with the IMF also rose by $14 million to $4.87 billion.