For the week ended on Sep 19, the foreign exchange reserves surged by $2,511 million to touch $291,972 million on account of increase in foreign currency and assets collections on a weekly basis.

According to the data released by the Reserve Bank of India’s Weekly Statistical Supplement, foreign currency assets increased by $2,509 million to $282,811 million for the week under review.

The reserve position in the International Monetary Fund (IMF), during the week under review, climbed by $2 million to $465 million, whereas gold reserves were unchanged at $8,692 million.

SDRs also remained unaltered at $4 million.

Foreign currency assets expressed in USD comprise the effect of appreciation or reduction on non-US currencies including Euro, Sterling and Yen, held in reserves.

Bank credit zoomed by Rs 32,914 crore to Rs 24,91,248 crore during the same week. Food credit climbed up by Rs 847 crore to Rs 45,190 crore and non-food credit rose by Rs 32,067 crore to Rs 24,46,058 crore.