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India’s Forex Reserves surge By $5.54 Bn To $692.58 Billion
India’s Forex Reserves surge By $5.54 Bn To $692.58 Billion
This increase mainly reflects a rise in global gold prices, as the RBI's gold is valued according to the price movement in the global market. Foreign Currency Assets (FCAs), which comprise the largest component of the Forex reserves, recorded an increase of $152 million to touch $562.29 billion.
New Delhi: India's foreign exchange (Forex) reserves surged by $5.54 billion to $692.58 billion during the week ended November 14, according to the figures released by the RBI on Friday. The increase was driven largely by a jump in the value of the gold component of the country's Forex kitty that shot up by as much as $5.34 billion to touch $106.86 billion during the week.
This increase mainly reflects a rise in global gold prices, as the RBI's gold is valued according to the price movement in the global market. Foreign Currency Assets (FCAs), which comprise the largest component of the Forex reserves, recorded an increase of $152 million to touch $562.29 billion.
The smaller components of the foreign exchange reserves, constituted by Special Drawing Rights (SDRs) rose by $56 million to $18.65 billion while the reserves with the IMF went up $8 million, to touch $4.78 billion. India's foreign exchange reserves are sufficient to fund more than 11 months of goods imports and about 96 per cent of external debt outstanding, RBI Governor Sanjay Malhotra said recently.
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The RBI Governor said, “Overall, India's external sector remains resilient as key external sector vulnerability indicators continue to improve. We remain confident of meeting our external financing requirements.”
The share of gold in India's foreign exchange reserves has almost doubled over the past decade, from below 7 per cent to nearly 15 per cent, reflecting both steady central bank accumulation and a surge in global bullion prices. This is the highest proportion of gold in the country's total reserves since 1996-97, according to market analysts.
Gold prices have shot up by as much as 65 per cent in 2025 due to the increased demand for the precious metal as a safe haven asset amid rising geopolitical uncertainty in the Middle East and the trade wars triggered by the US tariff hikes.
Central banks worldwide have accumulated substantial amounts of gold as a safe-haven asset in their foreign exchange reserves amid uncertainty created by geopolitical tensions. The share of gold maintained by the Reserve Bank of India as part of its foreign exchange reserves has almost doubled since 2021.
The RBI has added approximately 75 tonnes to its gold reserves since 2024, bringing its total holdings to 880 tonnes, which now constitute about 14 per cent of India's total foreign exchange reserves, according to a Morgan Stanley report.
India is the world's second-largest consumer of gold, next only to China and relies on imports to meet demand. Buying gold is deeply rooted in Indian culture and is used in large quantities in the form of jewellery for the bride and bridegroom during their wedding ceremonies. It also constitutes an important channel of safe haven investment and a status symbol for families and individuals.
Source: ZeeNews
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