Mumbai, Sept. 4 -- India's foreign exchange reserves rose sharply by USD 11.48 billion to a record USD 740.8 billion in the week ended August 28, according to data released by the Reserve Bank of India (RBI).

The rise was largely driven by an increase in foreign currency assets.

The RBI's Weekly Statistical Supplement Bulletin, released on Friday, showed total reserves at USD 740.803 billion as of August 28, with an increase of USD 11.475 billion over the previous week.

Foreign currency assets, the largest component of the reserves, increased by USD 9.337 billion during the week to USD 600.670 billion.

Gold reserves also recorded a strong increase during the week. The value of the RBI's gold holdings rose by USD 2.191 billion to USD 1...