BackECONOMY
India's Forex Reserves Rise by $6.3 Billion to $696.99 Billion for Week Ended May 8
India's forex reserves rose by USD 6.295 billion to USD 696.988 billion in the week ended May 8, according to RBI data. The gains followed a prior weekly drop, with increases across foreign currency assets, gold, SDRs, and IMF reserves.
Why It Matters
A higher reserve level supports external stability and currency resilience, reflecting RBI actions and changes in the composition of India's official assets.
Timeline
2 Events
RBI reports weekly forex reserves data; reserves rise to USD 696.988 billion
May 15, 2026
The RBI reported that total forex reserves rose by USD 6.295 billion to USD 696.988 billion during the week ended May 8, after the previous week's fall of USD 7.794 billion to USD 690.693 billion. Foreign currency assets increased by USD 562 million to USD 552.387 billion. Gold reserves jumped by USD 5.637 billion to USD 120.853 billion. Special Drawing Rights rose by USD 84 million to USD 18.873 billion, and India's reserve position with the IMF rose by USD 12 million to USD 4.875 billion.
All-time high forex reserves before West Asia crisis
February 27, 2026
The forex kitty expanded to an all-time high of USD 728.494 billion during the week ended February 27, 2026, before the onset of the West Asia crisis. Subsequent weeks saw declines as the rupee came under pressure and the RBI intervened in the forex market through dollar sales.