MUMBAI : The country's foreign exchange reserves increased by $171.9 million to $418.687 billion in the week to May 3, mainly on account of a rise in foreign currency assets, RBI data showed Friday.

In the previous week, the reserves had swelled by$4.368 billion to$418.515 billion, helped by the second dollar-rupee swap auction held on April 23.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, rose by $448.3 million to $390.869 billion.

Expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US currencies like the euro, pound and yen held in the reserves.

Gold reserves declined by $281.6 million to $3.021 billion, according to the data.

The special drawing rights with the International Monetary Fund rose by $1.6 million to $1.451 billion.

The country's reserve position with the Fund also increased by $3.6 million to $3.344 billion, the according to the RBI data.

India's forex kitty had touched a life-time high of $426.028 billion in the week to April 13, 2018.