India's foreign exchange reserves surged by $685 million to touch $108.36 billion following fresh inflows and revaluation of the United States currency vis-a-vis other currencies for the week ended February 27.

The foreign exchange reserves stood at $1,08,360 million following inflows of $685 million, according to the Reserve Bank of India's weekly statistical bulletin released in Mumbai on Saturday.

The foreign currency assets also saw a similar increase of $685 million to touch $1,04,069 million, it said.

Gold reserves and special drawing rights during this period remained static at $4,289 million and $2 million, respectively.

India's reserve tranche position with the International Monetary Fund declined by $13 million to $1,311 million, the central bank said, adding the RTP may change from time to time due to India's transactions with the IMF as well as changes in SDR exchange rates vis-a-vis rupee and the dollar.

The loans and advances to the central government continued with a nil balance while that to state governments were down by Rs 2,778 crore (Rs 27.78 billion) at Rs 4,220 crore (Rs 42.20 billion), the RBI added.