MUMBAI: India’s foreign exchange reserves rose by $4.5 billion to hit a seven month-peak of $690.6 billion as of May 9, according to data released by the central bank on Friday.
The reserves have risen by around $56 billion over 2025 so far, and are now about $14 billion below the all-time high of $704.9 billion hit in late September 2024.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves.
For the week ended May 9, the rupee declined by 0.9% pressured by an intensification of the India-Pakistan conflict. The two nuclear-armed neighbors announced a ceasefire on May 10.
India’s forex reserves drop $2 billion, snap 8-week streak of gains
The rupee closed at 85.5050 on Friday, down 0.1% on the week in the face of persistent dollar bids from local companies and foreign banks.
Foreign exchange reserves include India’s Reserve Tranche position in the International Monetary Fund.
Foreign exchange reserves (in million US dollars)------------------------------------------------------- May 9, 2025 May 2, 2025------------------------------------------------------- Foreign currency assets 581,373 581,177 Gold 86,337 81,820 SDRs 18,532 18,558 Reserve Tranche Position 4,374 4,509 Total 690,617 686,064-------------------------------------------------------