- By Aditya Pratap Singh
- Fri, 03 Apr 2026 07:17 PM (IST)
- Source:JND
Amid a declining rupee and rising crude prices, India's forex reserves dropped for the third consecutive week amid geopolitical tensions. Foreign exchange reserves fell by $10.288 billion to $688.058 billion in the week ended March 27, according to data released by the Reserve Bank of India on Friday.
The reserve fell last week as well. Total reserves slumped by $11.413 billion to $698.346 billion.
Reserve was above $720 billion before middle east crisis: Earlier, before the conflict in the Middle East began, reserves stood at a record $728.494 billion in the week ending February 27.
Rupee Falls Significantly
The Indian currency has been hitting all-time lows since the conflict began in West Asia. Meanwhile, the RBI has been intervening in the foreign exchange market, selling dollars and taking surprise policy measures in an attempt to stem its decline. However, the attempt did not yield.
For the week ended March 27, the share of foreign exchange, a major component of reserves, fell by $6.622 billion to $551.072 billion, according to central bank data.
Also Read: West Asia War Impact: Crude Sustaining Above $100 Will Push Inflation Beyond 6%, Says HSBC
When expressed in dollars, foreign exchange shares include the effect of appreciation or depreciation of currencies other than the U.S. dollar held in foreign exchange reserves, such as the euro, the British pound and the Japanese yen.
Gold Reserve Falls
Gold reserves fell by $3.666 billion to $113.521 billion during the week, the RBI reported. Special drawing rights (SDRs) increased by $17 million to $18.649 billion, the central bank said.
India’s reserve position with the IMF fell by $17 million to $4.816 billion in the week under review, according to central bank data.