Forex reserves rise sharply to $697.1 billion, gold holdings spike $7.2 billion

India’s forex reserves rise $9 billion to $697.1 billion; gold sees sharp jump

India’s foreign exchange reserves staged a strong recovery in the week ended April 3, 2026, rising by $9.063 billion to $697.121 billion, data from the Reserve Bank of India showed. The rebound comes after a steep fall of $10.288 billion in the previous week, when reserves had dropped to $688.058 billion.

Recovery amid volatility

The latest increase follows recent pressure on reserves triggered by geopolitical tensions in West Asia. India’s forex kitty had touched a record $728.494 billion in late February before witnessing volatility.

The rupee has remained under pressure during this period, with the central bank intervening in the currency market through dollar sales and policy measures to curb excessive fluctuations.

FCA edges up

Foreign currency assets (FCA), the largest component of the reserves, rose by $1.784 billion to $552.856 billion.

These assets are impacted by movements in major global currencies such as the euro, pound and yen against the US dollar.

Gold drives bulk of gains

Gold reserves recorded a sharp increase of $7.221 billion to $120.742 billion, accounting for most of the overall rise in reserves.

SDRs, IMF position steady

Special Drawing Rights (SDRs) rose marginally by $58 million to $18.707 billion.

India’s reserve position with the International Monetary Fund remained unchanged at $4.816 billion during the week.