Forex Reserves Jump $7.26 Billion to $674.2 Billion, Gold Holdings Strengthen

India’s Forex Reserves Climb $7.26 Billion to $674.19 Billion, Gold Holdings Cross $105 Billion

India’s foreign exchange reserves rose by $7.26 billion to $674.19 billion in the week ended July 3, supported by a sharp increase in foreign currency assets and gold reserves, according to the latest data released by the Reserve Bank of India (RBI).

The weekly rise was driven primarily by gains in Foreign Currency Assets (FCAs)—the largest component of the country’s forex reserves—which increased by $4.51 billion to $545.58 billion.

Gold reserves also posted a strong jump, rising $2.67 billion to $105.21 billion, crossing the $105-billion mark and contributing significantly to the overall increase in the reserve kitty.

Meanwhile, Special Drawing Rights (SDRs) rose by $65 million to $18.62 billion, while India’s reserve position with the International Monetary Fund (IMF) increased by $15 million to $4.79 billion.

The gains across all major components lifted India’s overall foreign exchange reserves after recent weeks of volatility.

Below March Levels Despite Weekly Gain

Despite the latest increase, the country’s forex reserves remain below their levels at the end of March 2026.

RBI data showed that total reserves are $16.92 billion lower than at the end of March. During the same period, Foreign Currency Assets have declined by $6.71 billion, while gold reserves are down $10.19 billion.

Compared with the same period last year, India’s forex reserves are $25.54 billion lower. However, gold holdings have increased by $20.36 billion year-on-year, reflecting the RBI’s continued accumulation of the precious metal as part of its reserve management strategy.

Recovery After Record High

India’s forex reserves had touched a record $728.49 billion in the week ended February 27 before declining amid heightened geopolitical tensions in West Asia. Pressure on the rupee during the period prompted the RBI to sell dollars in the foreign exchange market, leading to a drawdown in reserves.

The latest RBI data indicates a recovery in the country’s external buffers, with stronger foreign currency assets and higher gold valuations helping boost the overall reserve position.