India's forex reserves rose by $614.6 million to touch $316.393 billion in the week ended July 4, on account of a rise in currency assets.
In the previous week, the reserves had risen by $856.6 million to $315.778 billion.
With this, the reserves are close to the record high reported in late 2011 at $321 billion.
Foreign currency assets (FCAs), a major constituent of the overall reserves, rose by $760.6 million to $289.573 billion in the reporting week, the Reserve Bank of India (RBI) said in its weekly statement on Friday.
FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in reserves.
India's reserve position with the International Monetary Fund (IMF) also rose by $2.6 million to $1.718 billion in the period under review, the apex bank said.