India's foreign exchange (forex) reserves rose by $1.94 billion to $311.85 billion for the week ended May 2, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed.

The reserves had gained $499.8 million to reach $309.91 billion for the week ended April 25.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $2.54 billion to $284.57 billion in the week under review.

The foreign currency assets had risen by $493.2 million to $282.03 billion in the previous week.

The RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

India's reserve position with the International Monetary Fund (IMF) increased by $1.2 million to $1.84 billion.

The value of special drawing rights (SDRs) rose by $3.00 million to $4.48 billion.

However, the value of gold reserves declined by $601 million at $20.96 billion.