India's Forex Reserves Jump By Over $2 Billion To 703.3 Billion Amid Iran War

India's forex reserves jumped by USD 2.362 billion to USD 703.308 billion during the week ended April 17, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the forex kitty had increased by USD 3.825 billion to USD 700.946 billion.

The country's forex reserves had expanded to an all-time high of USD 728.494 billion during the week ended February 27 this year, before the onset of the West Asia conflict. The reserves witnessed a decline in the subsequent weeks due to the escalation of the West Asia conflict, which began around February 28, 2026.

The rising geopolitical uncertainty weighed on the Indian Rupee, prompting the RBI to intervene in the forex market through dollar sales.

For the week ended April 17, foreign currency assets, a major component of the reserves, increased by USD 1.481 billion to USD 557.463 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.

The value of gold reserves increased by USD 790 million to USD 122.133 billion during the reported week, the RBI said.

The Special Drawing Rights (SDRs) were up USD 78 million to USD 18.841 billion, the apex bank said.

India's reserve position with the IMF was up by USD 14 million to USD 4.87 billion at the end of the reporting week, according to the apex bank's data.

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