India's foreign exchange reserves rose $2.49 billion to $719.55 billion in the week ended November 6, driven mainly by an increase in the value of gold holdings, Reserve Bank of India data released on Friday showed.

Gold reserves increased $2.21 billion during the week to $104.80 billion, accounting for nearly 89% of the overall rise in reserves.

Foreign currency assets, the largest component of India's forex reserves, rose $232 million to $591.35 billion, according to the RBI's Weekly Statistical Supplement.

The latest increase took total reserves $28.44 billion above their March-end level of $691.11 billion.

On a year-on-year basis, foreign exchange reserves were higher by $32.51 billion, mainly due to massive FCNR deposits earlier.

Foreign currency assets increased $39.07 billion from the end of March, while the value of gold holdings declined $10.60 billion over the same period.