India's foreign exchange reserves rose by $4.5 billion and stood at $674.66 billion as of August 16, but were just shy of record highs, data from the Reserve Bank of India showed on August 23.

The forex reserves had fallen by $4.8 billion in the previous week, the biggest decline in four months. The reserves had reached a record high of $674.92 billion in the week to August 2.

Changes in foreign currency assets are caused by the RBI's intervention as well as the appreciation or depreciation of foreign assets held in the reserves.

Foreign exchange reserves also include India's reserve tranche position in the International Monetary Fund.

In the week ending August 16, the rupee was flat on a week-on-week basis.

The RBI has routinely intervened via state-run banks to help the rupee hold above the 84-handle, a psychologically important support level for the currency, traders said.

The rupee settled at 83.89 on Friday and strengthened marginally week-on-week.