India’s forex reserves fall by $7.79 billion to $690.69 billion: RBI
India’s foreign‑exchange reserves fell by about $7.79 billion to $690.69 billion in the reporting week ended May 1, 2026, according to data released by the Reserve Bank of India (RBI). This marks a sharp weekly drawdown after reserves had already declined by roughly $4.82 billion in the preceding week.
The drop is largely attributed to RBI intervention in the foreign‑exchange market, including sales of dollars to support the rupee amid global pressures such as the Middle East conflict and foreign investor outflows. A notable part of the decline also reflects lower foreign‑currency assets (around $2.8 billion less) and a reduction in gold holdings (about $5.0 billion lower) in the same week.
India’s forex kitty had touched an all‑time high of about $728.49 billion in the week ended February 27, 2026, from which the current level represents a drawdown of roughly $37.8 billion in about two months. Despite this correction, the reserves remain well above the $600–650 billion range that prevailed in late 2024–early 2025, reflecting a relatively strong external‑sector cushion.
