The BRICS TimesIndia’s foreign exchange reserves surged by $2.362 billion in the week ending April 17, 2026, reaching a total of $703.308 billion. This marks a continued recovery after the reserves slipped from their all-time peak, driven by geopolitical tensions in West Asia that had earlier pressured the Indian rupee and forced RBI intervention.
India’s forex kitty crosses $703 billion mark
India’s foreign exchange reserves climbed by $2.362 billion in the week that ended on April 17, 2026. The total reserves now stand at $703.308 billion, according to data released by the Reserve Bank of India (RBI) on Friday. This rise follows the previous week’s gain of $3.825 billion, which had pushed reserves to $700.946 billion.
Reserves retreated from their record high earlier this year
India’s forex reserves had touched an all-time high of $728.494 billion in the week ending February 27, 2026. However, the West Asia conflict, which escalated around February 28, 2026, triggered a steady slide in the reserves over the following weeks. Rising geopolitical uncertainty put the Indian rupee under pressure. The RBI stepped in by selling dollars in the forex market to stabilize the currency.
Foreign currency assets drive the weekly rise
For the week ending April 17, foreign currency assets, the largest component of India’s forex reserves rose by $1.481 billion to reach $557.463 billion. These assets are calculated in US dollar terms and naturally reflect the appreciation or depreciation of other currencies. Non-US currencies like the euro, pound, and yen are all part of this basket.
Gold reserves and SDRs also show gains
India’s gold reserves added $790 million during the reported week, taking the total to $122.133 billion. Special Drawing Rights (SDRs) rose by $78 million to stand at $18.841 billion. India’s reserve position with the International Monetary Fund (IMF) also edged up by $14 million, reaching $4.87 billion at the end of the reporting week.
