India’s foreign exchange reserves have surged by over $9 billion to $697.121 billion for the week ended April 3, 2026, as reported by the Reserve Bank of India, indicating a robust recovery after a recent dip and strategic interventions amidst global geopolitical tensions.

Illustration: Dado Ruvic/Reuters

India’s forex reserves jumped by $9.06 billion to $697.12 billion for the week ended April 3, 2026, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, which ended on March 27, the overall reserves had dropped by $10.288 billion to $688.058 billion.

Understanding the Reserve Fluctuations

The forex kitty 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 crisis, which led to several weeks of depletion.

The rupee has come under pressure since the start of the West Asia conflict, and the RBI has been intervening in the forex market through dollar sales and had to take some surprising policy measures to harness the fall.

Components of the Reserves

For the week ended April 3, foreign currency assets, a major component of the reserves, increased by $1.78 billion to $552.86 billion, the central bank’s data showed.

Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of gold reserves increased by $7.2 billion to $120.74 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up $58 million to $18.71 billion, the apex bank said.

India’s reserve position with the IMF was unchanged at $4.81 billion at the end of the reporting week, according to the apex bank’s data.