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India's Reserves Surge Past $703 Billion
24 Apr
Summary
- Foreign exchange reserves increased by $2.3 billion in the week ending April 17.
- Gold reserves also saw a significant rise of $79 million, reaching $122.13 billion.
- Reserves had previously depleted due to Middle East conflict and rupee pressure.
India's foreign exchange reserves experienced a notable increase of $2.3 billion during the week that concluded on April 17, bringing the total reserves to $703.30 billion. This marks a positive turnaround after a period where reserves had been declining due to the geopolitical tensions stemming from the Middle East conflict.
The foreign currency assets, a major component of the reserves, grew by $1.4 billion to $557.46 billion. Furthermore, the nation's gold reserves showed a substantial increase of $79 million, pushing their value to $122.13 billion. Special Drawing Rights and India's reserve position with the IMF also saw marginal increases.
Previously, the reserves had reached an all-time high of $728.494 billion by the week of February 27, 2026. However, the onset of the Middle East conflict led to a consistent depletion as the rupee faced pressure, requiring the Reserve Bank of India to intervene in the forex market by selling dollars to maintain market stability.
