Forex Watch: After a Week of Gains, India’s Foreign Exchange Reserves Dip Again

Mumbai: India’s foreign exchange reserves witnessed a significant decline during the week ending 21 November 2025, falling by $4.47 billion after a strong $5.54 billion increase the previous week.

Current Reserve Levels

According to data released by the Reserve Bank of India (RBI), the country’s total foreign exchange reserves now stand at $688.104 billion. For perspective, the reserves had reached a record high of $704.885 billion during the week ending 27 September 2024.

Foreign Currency Assets (FCA)

During the week under review, India’s Foreign Currency Assets (FCAs) declined by $1.69 billion, following a modest $152 million gain the previous week. The FCA forms a major portion of the country’s forex reserves and includes holdings in currencies such as the Euro, Pound, and Yen, alongside the US Dollar. FCA reserves currently stand at $560.600 billion.

Gold Reserves Also Fall

India’s gold reserves also experienced a sharp decline, losing $2.67 billion during the same week. Previously, the gold reserves had seen an increase of $5.327 billion. The value of India’s gold holdings now stands at $104.182 billion, with the RBI holding over 880 tonnes of gold, accounting for slightly more than 14.7% of total forex reserves.

SDR and IMF Holdings

India’s Special Drawing Rights (SDR) declined marginally by $84 million to $18.566 billion. Simultaneously, India’s reserves with the International Monetary Fund (IMF) fell by $23 million, bringing the total to $4.757 billion.

This week’s data highlights fluctuations in India’s foreign reserves, reflecting global currency movements, gold prices, and international financial flows.