Forex reserves back above USD 700 bn in RBI data 2026

RBI data puts reserves back over a key level

India’s foreign exchange reserves climbed back above the USD 700 billion mark in the week ended April 10, based on data released by the Reserve Bank of India (RBI). The overall reserves rose by USD 3.825 billion to USD 700.946 billion, according to the central bank’s weekly figures. The move followed a sharp rise in the previous reporting week as well, highlighting how quickly the reserve position can change with market flows and valuation effects. A round number like USD 700 billion matters because it is widely tracked by investors as a signal of external sector comfort.

The RBI also notes that foreign currency assets, expressed in US dollars, reflect the impact of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserve basket. That means part of any weekly change can come from valuation movements, not only from fresh inflows or outflows.

What changed in the week ended April 10

In the latest week (ended April 10), foreign currency assets (FCA), the largest component of the reserves, increased by USD 3.127 billion to USD 555.983 billion. This was the main driver of the weekly rise in the headline reserves number. The RBI data also showed an increase in India’s reserve position with the International Monetary Fund (IMF), which rose by USD 0.041 billion to USD 4.857 billion.

The reporting also stated that gold reserves, Special Drawing Rights (SDRs), and the IMF position increased during the week, though only the IMF position number was explicitly provided in the available details. The broader takeaway from the weekly release is that multiple reserve components moved higher, with FCA accounting for most of the week-on-week gain.

The prior week’s jump and the recent path

The April 10 increase came after a much larger gain in the previous reporting week ended April 3. In that week, the overall reserves rose by USD 9.063 billion to USD 697.121 billion. Taken together, these two weekly increases were enough to move reserves from below USD 700 billion back above the threshold.

Weekly changes of this magnitude can reflect a mix of factors, including RBI operations in the foreign exchange market, changes in the valuation of reserve assets, and shifts in global risk appetite that influence capital flows into and out of emerging markets.

Record levels earlier in 2026 and the subsequent decline

RBI data showed the forex reserve stock had expanded to an all-time high of USD 728.494 billion during the week ended February 27, 2026. After that peak, the reserves saw several weeks of decline. The available report linked this drawdown to the onset of a Middle East conflict, during which the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.

This context is important because it frames the latest rebound. A recovery back above USD 700 billion does not, by itself, erase the fact that reserves can fall quickly when external conditions tighten and the central bank uses reserves to smooth volatility.

Another recent peak: the February 13 all-time high

Separate RBI data for the week ended February 13 showed India’s foreign exchange reserves increased by USD 8.663 billion to an all-time high of USD 725.727 billion. That release also highlighted the role of gold and foreign currency assets in driving weekly moves. Gold reserves rose by USD 4.990 billion to USD 128.466 billion in the week ended February 13, while FCA increased by USD 3.550 billion to USD 573.603 billion.

In the same February 13 week, SDRs increased by USD 0.103 billion to USD 18.924 billion, and India’s reserve position with the IMF rose by USD 0.019 billion to USD 4.734 billion. The prior week had seen reserves decline by USD 6.711 billion, attributed to a fall in gold prices, underscoring how valuation can materially affect headline reserves.

Import cover: what the RBI governor said

Following a monetary policy review, RBI Governor Sanjay Malhotra said India’s foreign exchange holdings are sufficient to cover 11 months of imports. Import cover is a commonly used gauge of external resilience because it links reserves to the size of the country’s import bill. A higher import cover is generally viewed as a stronger buffer during periods of global stress, even though it is not the only metric investors monitor.

Longer-term trend: rebuilding after 2022 drawdown

The information provided alongside the RBI’s weekly reserve data also offers a multi-year view of how the reserve stock has evolved. India added around USD 58 billion to its forex reserves in 2023, reversing a cumulative decline of USD 71 billion in 2022. In 2024, reserves grew by over USD 20 billion, and in 2025 so far, they have risen by about USD 53 billion.

This longer trend matters because it contextualises weekly moves. Even when reserves fall for several weeks due to intervention or valuation losses, the broader direction over multiple years can still be upward if capital flows and macro conditions are supportive.

Key RBI-reported snapshots (selected weeks)

Market impact: why the USD 700 billion level is watched

A reserve stock above USD 700 billion can support confidence around the rupee during volatile global periods, particularly when the RBI needs room to manage sharp currency swings. The April data explicitly linked earlier reserve declines to rupee pressure and RBI intervention through dollar sales. That makes the subsequent rebound relevant for investors tracking India’s capacity to absorb external shocks.

At the same time, the RBI’s explanation on valuation effects is a reminder that reserves can rise or fall with currency and asset price movements even without significant underlying transactions. Weekly reserve changes should therefore be read alongside factors like gold price moves and the US dollar’s movement against other major currencies.

Analysis: what to watch next in weekly data

Two signals stand out from the reported numbers. First, the largest share of the latest weekly increase came from FCA, which rose to USD 555.983 billion in the week ended April 10. Second, earlier peaks in February 2026 show that reserves can climb rapidly, but geopolitical shocks and currency pressures can reverse that momentum.

Going forward, weekly prints will likely be assessed for whether gains are driven mainly by FCA, gold valuation, or changes in RBI’s market operations. Market participants also tend to track import cover statements, such as the RBI governor’s reference to 11 months, for a higher-level check on external stability.

Conclusion

RBI data show India’s forex reserves returned above USD 700 billion in the week ended April 10, rising to USD 700.946 billion, after a strong increase in the prior week. Earlier in 2026, reserves had touched a reported record of USD 728.494 billion before declining amid rupee pressure and RBI intervention. The next set of RBI weekly releases will be watched for whether the rebound is sustained and which reserve components are driving the movement.