India’s forex reserves hit the $700 billion mark for the first time, rising by $12.6 billion in the week ending September 27, according to the Reserve Bank of India (RBI). This milestone makes India the fourth country globally to cross $700 billion in reserves, joining China, Japan, and Switzerland.
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Rupee closed near record low, despite large reserves.
- Forex reserves up by $12.6 billion, now $705 billion.
- Largest weekly increase since July 2023.
- Boost from stable oil prices and inflows into stocks and bonds.
- RBI aims for a reserve buffer against external risks.
- $745 billion in reserves expected by March 2026, per BofA.
- First crossed $100 billion in December 2003.
- Record $298 billion accumulated under RBI Governor Das.
- Rupee closed near record low, despite large reserves.
