India forex reserves hit $702 billion
India’s foreign exchange reserves grew by $4.5 billion to reach $702.3 billion for the week that ended on Oct. 17, the Reserve Bank of India reported on Friday. The central bank’s gold holdings jumped by $6.2 billion to exceed $108.5 billion for the first time as metal prices climbed and purchases increased. Foreign currency assets declined by $1.7 billion to $570.4 billion, while the reserve position with the International Monetary Fund fell by $30 million to $4.62 billion.
Gold represents nearly 15 percent of total reserves, up from below 7 percent a decade ago. The precious metal has surged 65 percent in 2025 as investors seek protection from Middle East tensions and trade conflicts. The RBI has accumulated about 75 tonnes since 2024, bringing total holdings to 880 tonnes. India ranks as the world’s second-largest gold consumer after China.
