The country's foreign exchange reserves increased by $1.875 billion to $421.867 billion in the week to May 31, Reserve Bank of India (RBI) data showed Friday.

In the previous week, the reserves had risen by $1.99 billion to $419.99 billion.

In the reporting week, foreign currency assets, which is a major component of the overall reserves, rose by $1.946 billion to $394.134 billion. Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.

Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. After remaining stable for past few weeks, gold reserves declined by $62.9 million to $22.958 billion, according to the RBI data. The special drawing rights with the International Monetary Fund fell by $2.3 million to $1.443 billion.

The country's reserve position with the fund also declined by $5.3 million to $3.331 billion.