India’s foreign exchange (forex) reserves rose by $2.49 billion to reach $719.547 billion for the week ending November 6. This information was provided in data released by the Reserve Bank of India (RBI) on Friday.
This increase in forex reserves follows a decline over several consecutive weeks. India’s forex reserves stood at $722.3 billion for the week ending October 17, which then fell to $717.057 billion by October 30. The primary driver for the increase in reserves during the week ending November 6 was a sharp rise in gold holdings.
According to RBI data, the value of India’s gold reserves increased by $2.205 billion to $104.796 billion during the week. Foreign currency assets also rose by $232 million, reaching $591.350 billion. Foreign currency assets constitute the largest component of India’s total forex reserves.
The value of these assets is also influenced by fluctuations in non-US currencies, such as the euro, the pound, and the yen. India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $52 million to $18.610 billion. Similarly, India’s reserve position with the IMF rose by $1 million to $4.791 billion.
As of November 6, India’s total foreign exchange reserves stood at ₹67,58,986 crore. Notably, while the forex reserves increased by $2.49 billion on a weekly basis in dollar terms, they recorded a decline of ₹49,742 crore in rupee terms. India’s foreign exchange reserves previously reached a record high of $785.7 billion in the week ending September 4. During that period, there was a significant inflow of foreign currency, driven by a special concessional swap scheme for deposits from non-resident Indians (NRIs). Since then, the foreign exchange reserves have experienced continuous fluctuations.
Meanwhile, earlier this month, the Reserve Bank of India (RBI) provided some relief regarding foreign exchange reporting requirements for small exporters and service importers.
Under the revised Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, individual service exporters will be deemed to have submitted an Export Declaration Form (EDF) once they provide the necessary payment-related information to their Authorised Dealer (AD) bank and complete the process of crediting the proceeds from the services into their accounts.
The same provision will apply to exporters other than resident individuals, provided that the foreign currency inflow received in exchange for services does not exceed ₹10 lakh or its equivalent in foreign currency. This change by the RBI is intended to simplify foreign exchange-related compliance and reporting procedures for small exporters.
