India's forex reserves jump Rs. 38,484 crore (US$ 4.55 billion) to Rs. 59,06,096 crore (US$ 690.61 billion) on rise in gold assets

India’s foreign exchange reserves rose by Rs. 38,927 crore (US$ 4.55 billion) to Rs. 59,03,369 crore (US$ 690.61 billion) for the week ended May 9, 2025, primarily driven by a significant increase in gold assets, the Reserve Bank of India (RBI) reported. In the preceding week, the reserves had declined by Rs. 17,666 crore (US$ 2.065 billion) to Rs. 58,64,442 crore (US$ 686.064 billion). The country’s forex reserves had reached a record high of Rs. 60,23,907 crore (US$ 704.885 billion) at the end of September 2024.
For the week ending May 9, 2025, foreign currency assets, which constitute the bulk of the reserves, increased by Rs. 1,677 crore (US$ 196 million) to Rs. 49,71,728 crore (US$ 581.373 billion). These assets are subject to fluctuations due to the appreciation or depreciation of currencies such as the euro, pound, and yen held alongside the US dollar. Gold reserves surged by Rs. 38,675 crore (US$ 4.518 billion) to Rs. 7,38,693 crore (US$ 86.337 billion) during the same period. Meanwhile, Special Drawing Rights (SDRs) declined by Rs. 222 crore (US$ 26 million) to Rs. 1,58,497 crore (US$ 18.532 billion). India’s reserve position with the International Monetary Fund (IMF) dropped by Rs. 1,145 crore (US$ 134 million) to Rs. 37,439 crore (US$ 4.374 billion).

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