India's foreign exchange reserves of $320.56 billion in the week to August 1 are close to surpassing a record high of $320.785 billion in September 2011.
Traders say RBI's intervention in the foreign exchange markets is the key reason for build up in reserves.
Current reserves cover a little over eight months of imports analysts say.
RBI bought a net $11.3 billion of up to one-year forwards in June, almost erasing its forward obligations.
It had bought $1.8 billion in the spot market in May, latest bulletin data showed.