India’s foreign exchange reserves saw a significant jump for the first time in 2026, crossing the $700 billion mark in a single week. For the week ending 16 January, reserves increased by $14.17 billion, with gold holdings also seeing a substantial rise.
According to data released by the Reserve Bank of India (RBI) on Friday, the country’s total forex reserves climbed to $701.36 billion, up from a marginal increase of $392 million in the previous week. The previous record high of $704.885 billion was recorded during the week ending 27 September 2024.
Foreign Currency Assets Soar
During the same week, India’s Foreign Currency Assets (FCA) rose sharply by $9.652 billion, reversing a $1.124 billion decline from the prior week. FCA now stands at $560.518 billion. These assets, denominated in dollars and other currencies like euros, pounds, and yen, form a critical part of India’s total reserves.
Gold Reserves Increase Significantly
India’s gold reserves also witnessed a strong increase. RBI data shows gold holdings rose in value by $4.623 billion during the week, following a $1.568 billion gain the previous week. The total value of gold reserves now stands at $117.454 billion, with physical gold exceeding 880 tonnes, representing roughly 15% of total foreign exchange reserves.
SDR and IMF Holdings Slightly Decline
Special Drawing Rights (SDR) dipped slightly by $35 million, following a $39 million drop in the previous week, bringing the total to $18.704 billion. India’s reserve position with the IMF also declined by $73 million to $4.684 billion.
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