India's forex reserves rise by $4.5 billion to $702.28 billion for week ended Oct 17

India’s foreign exchange reserves rose by $4.496 billion to reach $702.28 billion for the week ended October 17, data released by the Reserve Bank of India (RBI) showed on Friday.

In the previous week, reserves had increased by $2.176 billion to $697.784 billion.

Foreign currency assets (FCAs), the biggest component of the reserves, however, declined by $1.692 billion to $570.411 billion during the week. FCAs include the effects of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves, the RBI noted.

The value of India’s gold reserves surged by $6.181 billion to $108.546 billion, marking a significant increase and reflecting both price movements in the global bullion market and possible valuation gains due to dollar weakness. Gold reserves have played a larger role in recent months as global investors turn to the precious metal amid geopolitical uncertainty and inflationary pressures.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) also increased by $38 million to $18.722 billion, while India’s reserve position with the IMF fell by $30 million to $4.602 billion.

The steady rise in reserves underscores the RBI’s proactive intervention to stabilise the rupee and manage external shocks amid a strong dollar and volatile crude prices. The recent uptick in gold valuation has also contributed to the headline increase.

India’s reserves have hovered near record highs, strengthening macroeconomic stability and providing ample cover for imports and external debt obligations.Read about our editorial guidelines and ethics policy