India's foreign exchange reserves climb to $676.24 billion

India's foreign exchange reserves increased by $1.08 billion in the week ended July 17, reaching $676.24 billion, according to data released by the Reserve Bank of India (RBI). This marks a second consecutive weekly gain after a $964 million rise the previous week.

The rise was driven mainly by foreign currency assets, which grew by $4.55 billion to $551.06 billion. In contrast, the value of India's gold reserves fell by $3.48 billion to $101.75 billion, while Special Drawing Rights (SDRs) edged up by $44 million to $18.67 billion. The RBI noted that it intervened in the foreign‑exchange market amid heightened Middle‑East tensions to curb excessive rupee volatility.

The higher reserve level provides a buffer against external shocks, supports import payments and helps stabilise the rupee after earlier declines, though the total remains below the all‑time peak of $728.49 billion recorded in late February.