Mumbai: In a shot in the arm for the government, the Reserve Bank of India (RBI) India on Friday announced that India’s forex reserves surged by USD 9.063 billion to USD 697.121 billion for the week ended April 3, 2026. In the previous reporting week, which ended on March 27, the forex reserves had declined by USD 10.288 billion to USD 688.058 billion.
India’s forex kitty had skyrocketed to an all-time high of USD 728.494 billion during the week ended February 27, 2026. This was before the onset of the US-Israel and Iran war which led to huge energy crisis globally. The West Asia crisis led to several weeks of depletion in the country’s forex reserves.
The West Asia conflict has resulted to huge pressure on Rupee. The tackle the Rupee’s downfall against the US Dollar, the Reserve Bank has been intervening in the forex market through dollar sales and had to take some surprising policy measures to harness the fall.
As per the RBI data, foreign currency assets, a major component of the reserves, jumped by USD 1.784 billion to USD 552.856 billion for the week ended April 3.
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.
Gold Reserves
Meanwhile, the RBI further informed that value of Gold reserves soared by USD 7.221 billion to USD 120.742 billion during the week.
The Special Drawing Rights (SDRs) increased by USD 58 million to USD 18.707 billion. India’s reserve position with the IMF remain unchanged at USD 4.816 billion for the week ended April 3, 2026.
Rupee falls 17 paise to close at 92.68 against US dollar
On Friday, the Rupee pared initial gains and closed for the day 17 paise lower at 92.68 (provisional) against the US dollar. The Indian currency got hit due to the global tensions, especially the West Asia conflict.
“US-Iran truce is on shaky ground. There is still a lot of uncertainty around how the situation will unfold. The Strait of Hormuz remains effectively closed,” IFA Global said in a research note.