India’s forex reserves rise $2.3 billion to $703.30 billion as of April 17

India's foreign exchange reserves rose by $2.3 billion in the week ending April 17 to stand at $703.30 billion, according to data released by the Reserve Bank of India on Friday.

A major portion of the reserves, foreign currency assets (FCAs), saw a rise of $1.4 billion, bringing the total to $557.46 billion during the same period.

Meanwhile, gold reserves continued their $100 billion+ rally at $122.13, with a significant rise of $79 million.


Special Drawing Rights (SDRs) edged up slightly to $18.84 billion. On the other hand, India’s reserve position with the IMF rose by $14 million, now at $48.70 billion.

Before the upward trend, there had been a steady depletion in the reserves ever since the West Asia war broke out.

Prior to this, the reserves had expanded to an all-time high of $728.494 billion during the week ended February 27, 2026, right before the Middle East conflict occurred, leading to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.

The central bank closely monitors developments in the foreign exchange market and intervenes when necessary to maintain orderly conditions. Such actions are aimed at limiting excessive volatility in the rupee and are not linked to defending any specific exchange rate level or band.