India forex reserves rise $964 million to $675.16 billion: RBI data
Synopsis
India's forex reserves have now recovered more than $8.2 billion over two consecutive weeks, reaching $675.16 billion — but they remain roughly $53 billion below the all-time high set in February 2025. The two-week rebound, driven largely by foreign currency asset gains, comes even as the RBI continues to flag readiness to intervene and PM Modi has publicly asked citizens to curb non-essential foreign exchange spending.
Key Takeaways
India's forex reserves rose by $964 million to $675.16 billion for the week ended 10 July 2025 , per RBI data.
Foreign currency assets (FCAs) — the largest reserve component — increased by $930 million to $546.51 billion .
Gold reserves edged up by $24 million to $105.23 billion .
SDRs with the IMF rose by $3 million to $18.626 billion ; the reserve tranche position climbed $7 million to $4.793 billion .
Reserves remain approximately $53 billion below the all-time high of $728.494 billion recorded on 27 February 2025 .
PM Modi has urged citizens since 11 May to reduce non-essential overseas travel and gold purchases to help conserve foreign exchange.
India's foreign exchange reserves climbed by $964 million to $675.16 billion for the week ended 10 July 2025, according to data released by the Reserve Bank of India (RBI) on Friday, 17 July. The gain builds on a sharp $7.26 billion jump recorded in the previous reporting week, when reserves had recovered to $674.19 billion after reversing an earlier decline.
Breakdown of Reserve Components
Foreign currency assets (FCAs) — the largest component of India's forex reserves — rose by $930 million to $546.51 billion during the week under review. FCAs are denominated in US dollars but reflect the impact of exchange-rate movements in major currencies including the euro, pound sterling, and Japanese yen against the dollar.
India's gold reserves edged up by $24 million to $105.23 billion. The country's Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $3 million to $18.626 billion, while its reserve tranche position with the IMF increased by $7 million to $4.793 billion.
Context: Distance from the All-Time High
India's forex reserves had touched an all-time peak of $728.494 billion during the week ended 27 February 2025. The reserves have since retreated by roughly $53 billion from that record, as escalating geopolitical tensions in the Middle East put pressure on the Indian rupee, prompting the RBI to intervene in the foreign exchange market through dollar sales in the weeks that followed.
Notably, the current two-week rebound — totalling over $8.2 billion — signals a partial stabilisation, though reserves remain well below the February peak.
Government Appeal and RBI's Stance
Amid sustained global uncertainties, Prime Minister Narendra Modi has, since 11 May, urged citizens to help conserve foreign exchange by reducing non-essential overseas travel, cutting fuel consumption, and postponing gold purchases for at least a year.
The RBI has reiterated that it remains watchful of developments in the foreign exchange market and will continue to intervene whenever required to ensure orderly market conditions. The central bank has also clarified that it does not target any specific exchange rate level.
What to Watch
With global uncertainty persisting — particularly from Middle East tensions and a volatile dollar — the trajectory of India's reserves will depend heavily on RBI intervention frequency and the rupee's stability in coming weeks. Sustained FCA accumulation and a steady gold valuation will be key indicators to track in the next reporting cycle.
Point of View
But the $53 billion gap from the all-time high is a reminder of how much ground the RBI had to defend. The more telling signal is the PM's public appeal to citizens to curb foreign exchange spending: such calls are unusual and reflect a level of reserve-management anxiety that official statements tend to understate. If Middle East tensions persist and the dollar stays firm, the RBI's intervention toolkit will be tested again — and the pace of FCA recovery will be the real scorecard.
NationPress
17 Jul 2026
Frequently Asked Questions
What are India's current foreign exchange reserves?
India's foreign exchange reserves stood at $675.16 billion for the week ended 10 July 2025 , after rising by $964 million , according to RBI data released on 17 July 2025 .
Why did India's forex reserves decline from their all-time high?
Reserves fell from an all-time peak of $728.494 billion (week ended 27 February 2025 ) primarily because escalating geopolitical tensions in the Middle East put pressure on the Indian rupee, prompting the RBI to sell dollars in the foreign exchange market to defend the currency.
What are foreign currency assets (FCAs) and why do they matter?
FCAs are the largest component of India's forex reserves, accounting for $546.51 billion of the total. They are held in major global currencies and their value fluctuates with movements in the euro, pound sterling, and Japanese yen against the US dollar — making them a key indicator of reserve health.
Why has PM Modi asked citizens to cut overseas travel and gold purchases?
Since 11 May , Prime Minister Narendra Modi has urged citizens to reduce non-essential overseas travel, lower fuel consumption, and defer gold purchases for a year, as part of a broader effort to conserve foreign exchange amid global economic uncertainty and reserve pressure.
What is the RBI's policy on intervening in the forex market?
The RBI has stated it will intervene in the foreign exchange market whenever required to maintain orderly conditions, but it does not target any specific exchange rate level. Its interventions — primarily through dollar sales — aim to curb excessive rupee volatility rather than fix a rate.
