India's forex reserves increased by $7.26 billion during the week ended July 3, supported by a rise in foreign currency assets and gold reserves, according to the latest data from the Reserve Bank of India (RBI). The country's total forex reserves stood at $674.19 billion, per RBI data released on July 10.
Key Highlights
- India's forex reserves rose $7.26 billion to $674.19 billion in the week ended July 3.
- Gold reserves climbed $2.67 billion to $105.21 billion, driving much of the overall increase.
Foreign Currency Assets (FCAs), the largest component of India's forex reserves, rose $4.51 billion to $545.58 billion during the reporting week. Gold reserves also recorded a strong rise, climbing $2.67 billion to $105.21 billion, contributing significantly to the overall increase. Meanwhile, Special Drawing Rights (SDRs) rose $65 million to $18.62 billion, and India's reserve position with the IMF increased $15 million to $4.79 billion. With gains across all major components, the RBI data showed an overall improvement in reserves for the week.
Reserves Still Below March-End Levels
Despite the weekly gain, India's forex reserves remain below levels recorded at the end of March 2026. Total reserves were $16.92 billion lower compared with end-March, with FCAs down $6.71 billion and gold reserves down $10.19 billion over the same period.
Also Read: Forex Reserves Drop $5.65 Bn to $666.93 Bn Amid Gold Valuation Loss
On a year-on-year basis, India's forex reserves were $25.54 billion lower. However, gold holdings increased by $20.36 billion over the past year, reflecting continued accumulation of the precious metal even as overall reserves declined.
From Record High to Recovery
India's forex reserves had expanded to an all-time high of $728.49 billion during the week ended February 27 this year, before the onset of the West Asia conflict, which triggered several weeks of decline as the rupee came under pressure and the RBI intervened in the forex market through dollar sales.
Prime Minister Narendra Modi has also made multiple public appeals since May 11, urging citizens to conserve forex by cutting down on foreign travel, limiting fuel use, and refraining from gold purchases for a year.
