The water level of the dam today touched 523.90 metres as against the storage capacity of 527.91 metres, the highest this season, according to the control room.
On February 17, 2011, the water level of Ranjit Sagar Dam was recorded as 525.20 metres, when a high alert was sounded in the area, said a senior functionary of the dam.
The MeT department has predicted heavy rains in the area over the next two days.
The dam is the largest hydroelectric project in Punjab.