India's forex reserves hit all-time high of $729.33bn after $12.42bn jump

India's foreign exchange reserves surged by $12.422 billion to a new all-time high of $729.328 billion in the week ended August 21, Reserve Bank of India (RBI) data showed on Friday.The country's forex reserves have now risen for eight consecutive weeks, increasing by about $63 billion during this period and surpassing the previous record reached in February.Foreign currency assets, gold drive weekly riseForeign currency assets, the biggest component of the reserves, rose by $9.482 billion to $591.333 billion during the reporting week, according to the RBI.The value of India's gold reserves increased by $2.801 billion to $114.218 billion.Special Drawing Rights (SDRs) rose by $112 million to $18.852 billion, while India's reserve position with the International Monetary Fund increased by $26 million to $4.925 billion, as per the RBI data.Changes in foreign currency assets, expressed in dollar terms, include the impact of appreciation or depreciation of non-US currencies such as the…