India’s foreign exchange reserves have surged by $2.36 billion to $703.31 billion for the week ended April 17, demonstrating resilience amidst global economic fluctuations and geopolitical tensions.
Photograph: Florence Lo/Reuters
Key Points
- India’s forex reserves rose by $2.36 billion, reaching $703.31 billion by April 17.
- This increase follows a $3.83 billion rise in the preceding week, bringing the total past $700 billion.
- Foreign currency assets, a key component, grew by $1.48 billion to $557.46 billion.
- Gold reserves also saw an increase of $790 million, reaching $122.13 billion.
- The reserves had previously hit a record high of $728.49 billion in February before declining due to the West Asia conflict.
India’s forex reserves jumped by $2.36 billion to $703.31 billion during the week ended April 17, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the forex kitty had increased by $3.83 billion to $700.95 billion.
Context of Recent Fluctuations
The country’s forex reserves had expanded to an all-time high of $728.49 billion during the week ended February 27 this year, before the onset of the West Asia conflict.
The reserves witnessed a decline in the subsequent weeks due to the escalation of the West Asia conflict, which began around February 28, 2026.
The rising geopolitical uncertainty weighed on the Indian Rupee, prompting the RBI to intervene in the forex market through dollar sales.
Components of the Reserves
For the week ended April 17, foreign currency assets, a major component of the reserves, increased by $1.48 billion to $557.46 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
The value of gold reserves increased by $790 million to $122.13 billion during the reported week, the RBI said.
The Special Drawing Rights (SDRs) were up $78 million to $18.84 billion, the apex bank said.
India’s reserve position with the IMF was up by $14 million to $4.87 billion at the end of the reporting week, according to the apex bank’s data.
