Forex Reserves Increase by $2.362 Billion to $703.308 Billion

India's Forex Reserves Surge to USD 703.308 Billion

India's foreign exchange reserves have jumped by USD 2.362 billion to USD 703.308 billion during the week ended April 17, according to the Reserve Bank of India (RBI). This increase marks a significant turnaround from the previous reporting week, where the forex kitty had increased by USD 3.825 billion to USD 700.946 billion.

The country's forex reserves had previously reached an all-time high of USD 728.494 billion during the week ended February 27 this year, before the onset of the West Asia conflict. However, the escalation of the conflict, which began around February 28, 2026, led to a decline in the reserves. The rising geopolitical uncertainty weighed on the Indian Rupee, prompting the RBI to intervene in the forex market through dollar sales.

The RBI's data shows that foreign currency assets, a major component of the reserves, increased by USD 1.481 billion to USD 557.463 billion during the week ended April 17. This increase is attributed to the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

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The value of gold reserves also saw an increase, rising by USD 790 million to USD 122.133 billion during the reported week. Additionally, the Special Drawing Rights (SDRs) were up USD 78 million to USD 18.841 billion, and India's reserve position with the IMF was up by USD 14 million to USD 4.87 billion at the end of the reporting week.

Note: The data is based on the RBI's reporting and may not reflect the actual figures due to the volatile nature of foreign exchange markets.