India's forex reserves increased $964 million to $675.16 billion in the week ended July 10, driven mainly by a rise in foreign currency assets, according to the Reserve Bank of India's (RBI) weekly data released on July 17.
Key Highlights
- India's forex reserves rose $964 million to $675.16 billion in the week ended July 10.
- Reserves remain $15.95 billion below March-end levels, with gold reserves down $10.17 billion since then.
Foreign Currency Assets Lead the Increase
Foreign currency assets (FCA), the biggest component of India's forex reserves, rose by $930 million to $546.51 billion during the week. In rupee terms, FCA increased by Rs 14,078 crore. FCA includes the value of foreign currencies held by the RBI and is affected by changes in the value of major global currencies such as the euro, pound, and yen against the US dollar.
Gold Reserves Edge Higher
India's gold reserves also increased during the week, rising by $24 million to $105.23 billion, while their value in rupee terms went up by Rs 1,235 crore. The country's holdings of Special Drawing Rights (SDRs) with the IMF increased by $3 million to $18.63 billion, up Rs 09 crore in rupee terms. Meanwhile, India's reserve position with the IMF increased by $7 million to $4.79 billion, or Rs 97 crore in rupee terms.
Also Read: India's Forex Reserves Rise $7.26 Billion to $674.19 Billion
Reserves Remain Below March-End Levels
Despite the weekly increase, India's forex reserves remain lower than levels recorded at the end of March 2026. Since then, total forex reserves have declined by $15.95 billion. During this period, foreign currency assets have fallen by $5.78 billion, while gold reserves have declined by $10.17 billion. However, SDR holdings have increased by $5 million, while India's reserve position with the IMF has slipped by $15 million over the same period.
Lower Than a Year Ago
Compared with the same week last year, India's forex reserves were $21.52 billion lower. On a year-on-year basis, foreign currency assets declined by $42.30 billion, while gold reserves increased by $20.88 billion. SDR holdings were lower by $176 million, whereas India's reserve position with the IMF rose by $82 million, according to RBI data.
