India's FX reserves climbed to a record high of $785.7 billion in the week to September 4, central bank data showed on Friday, lifted by a wave of inflows under policy measures to strengthen the country's balance of payments.

India's FX pile has risen for ten straight weeks, jumping by almost $120 billion during this period, with the latest data showing a nearly $45 billion week-on-week rise.

In June, India unveiled a raft of measures to boost dollar inflows that included discounted hedging facilities for overseas borrowings by state-run firms and banks as well as a free-of-cost hedging facility for banks to raise overseas FX deposits.

The Reserve Bank of India received $136.3 billion billion under these schemes between June 5 and August 31, led by a much higher-than-anticipated $127 billion haul from non-resident Indian deposits.

The scale of inflows prompted the central bank to shorten the window for its deposit hedging facility for overseas deposits by a month to August-end.

For the week ended September 4, the rise in reserves was led by a $47.4 billion gain in the central bank's foreign currency assets, while the value of its gold holdings dipped by about $2.6 billion to $113.8 billion.

The RBI's frequent interventions in the foreign exchange market to support the rupee have likely offset the impact of some of the overseas dollar inflows, bankers said.