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India's Forex Reserves Surge Past $700 Billion
15 May
Summary
- Forex reserves rose by over six billion US dollars in one week.
- Total reserves reached nearly 700 billion US dollars.
- Increases in foreign currency assets and gold reserves drove the surge.
India's foreign exchange reserves saw a significant uplift, increasing by over six billion US dollars in the week ending May 8, 2026. This surge propelled the total reserves to an impressive figure of nearly 700 billion US dollars, indicating a robust financial position for the nation.
The primary drivers behind this growth were substantial gains in foreign currency assets, which saw an increase of $562 million, and a remarkable jump of $5.637 billion in gold reserves. The overall reserves had previously experienced a drop in the preceding week.
Further contributing to the reserves were increases in Special Drawing Rights (SDRs) and India's reserve position with the International Monetary Fund (IMF). These components also showed positive growth during the reporting week, reinforcing the overall upward trend.
This positive development contrasts with a period earlier in 2026 when reserves had reached an all-time high but subsequently declined due to market pressures and Reserve Bank of India interventions. The latest figures suggest a strong recovery and positive momentum for India's foreign exchange reserves.
