India’s forex reserves rise by $1.08 billion to $676.24 billion: RB

India’s foreign exchange reserves increased by $1.08 billion, reaching $676.237 billion for the week ending July 17, continuing the upward trajectory, as reported by the Reserve Bank of India on Friday.

This rise follows a $964 million increase the prior week, when reserves stood at $675.157 billion.

The RBI’s weekly statistical supplement indicated that reserves kept strengthening after rebounding from earlier‑year declines amid heightened global uncertainty.

India’s forex reserves peaked at an all‑time high of $728.494 billion for the week ending February 27.

During that period, foreign‑currency assets—a key component of reserves—grew by $4.549 billion to $551.057 billion.

In dollar terms, foreign‑currency assets reflect the appreciation or depreciation of non‑U.S. currencies such as the euro, pound, and yen held within the reserves.

Gold reserves fell by $3.48 billion to $101.749 billion over the week, the RBI noted.

Special Drawing Rights (SDRs) rose by $44 million to $18.67 billion, according to the apex bank.

Escalating Middle‑East tensions later pressured the rupee, prompting the RBI to sell dollars in the foreign‑exchange market, which tempered the reserve growth in the weeks that followed.

Foreign‑exchange reserves—made up of foreign‑currency assets, gold, SDRs and the IMF reserve tranche—act as a vital buffer against external shocks and support rupee stability.

The RBI says it continually watches the foreign‑exchange market and steps in only to curb excessive volatility and preserve orderly conditions, without aiming for any particular exchange rate.

A robust reserve position improves India’s capacity to meet external obligations, finance imports and shield the economy from global financial and geopolitical shocks.