India's foreign exchange reserves surged by $10.8 billion to $676.3 billion during the week ended April 4, according to data released by the Reserve Bank of India on Friday.
This is the fifth consecutive week to register an increase in forex reserves.
The foreign currency assets, a component of India's reserves, rose by $9 billion to $574.08 billion, while the gold reserves portion increased by $1.5 billion to $79.36 billion, the RBI’s weekly statistical report showed.
Besides, Special Drawing Rights (SDR) went up by $186 million to $18.36 billion.
India’s foreign exchange reserves had shot up by $6.6 billion to a five-month high of $665.4 billion in the preceding week ended on March 28, 2025.
The declining trend of earlier weeks due to revaluation and forex market interventions by the RBI to help reduce volatility in the rupee has now been reversed in the last five weeks.
Earlier, the country’s forex reserves had increased to an all-time high of $704.885 billion in September 2024.
Any strengthening of the country’s foreign exchange kitty also helps bolster the rupee vis-a-vis the US dollar, which is good for the economy. With the recent increase in foreign exchange reserves, the rupee has also emerged stronger.
An increase in the foreign exchange reserves reflects strong fundamentals of the economy and gives the RBI more headroom to stabilise the rupee when it turns volatile.
A strong forex kitty enables the RBI to intervene in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fall.
Conversely, a declining forex kitty leaves the RBI less space to intervene in the market to prop up the rupee.
Meanwhile, India’s merchandise trade deficit has narrowed to an over 3-year low at $14.05 billion in February from $22.99 billion in January as exports held steady during the month while imports declined, according to the latest data compiled by the Ministry of Commerce and Industry. This reflects a strengthening of the external sector of the economy despite geopolitical tensions triggering economic uncertainty in the world market.
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