India's Forex Reserves Climb to $696.9 Billion as Gold Holdings Surge
India's total foreign exchange reserves reached $696.988 billion for the week ending May 8, 2026, marking a weekly rise of $6.295 billion. Gold reserves drove much of this growth, increasing by $5.637 billion to a total valuation of $120.853 billion. Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract (Revised) 1. Reserve Bank of India - Liabilities and Assets* (₹ Crore) Item 2025 2026 Variation May 09 May 01 May 08.
The latest Reserve Bank of India (RBI) Weekly Statistical Supplement indicates a continued expansion of India's external liquidity buffers. Total reserves are now within striking distance of the $700 billion milestone. The data highlights a notable shift in composition, with gold reserves now comprising roughly 17% of total assets, reflecting the central bank's ongoing strategy to diversify away from traditional dollar-denominated holdings.
While Foreign Currency Assets (FCA) saw a marginal gain of $562 million, the significant weekly increase is largely attributed to the valuation of gold. These reserves provide a crucial cushion against external shocks, including potential capital volatility and fluctuations in global energy prices. Additionally, the RBI noted that under the Banking Laws (Amendment) Act, 2025, the reporting fortnight for commercial banks has transitioned to the 15th and last calendar day of each month, a change that will standardize future credit and deposit reporting.
| Component | Value (US$ Mn) | Weekly Change |
|---|---|---|
| Total Reserves | 696,988 | +6,295 |
| FCA | 552,387 | +562 |
| Gold | 120,853 | +5,637 |
| SDRs | 18,873 | +84 |
Glossary
Foreign Currency Assets (FCA): The primary component of forex reserves, encompassing foreign currencies like USD, Euro, and GBP held by the RBI.
SDRs (Special Drawing Rights): An international reserve asset created by the IMF to provide liquidity to member nations.
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