- By Aditya Pratap Singh
- Fri, 15 May 2026 06:13 PM (IST)
- Source:JND
Forex Reserve Update: Amid the weakening rupees and elevated crude prices that are causing a high import bill to India, the forex reserves jumped by USD 6.295 billion to USD 696.988 billion during the week ended May 8, the Reserve Bank of India data showed on Friday.
Meanwhile, according to the data, gold reserves advanced by USD 5.637 billion to USD 120.853 billion during the week. The uptick in the forex kitty came after it had dropped by $7.794 billion to $690.693 billion in the previous reporting week.
Previously, reserves had risen to an all-time high of $728.494 billion in the week ended February 27 this year, before the West Asian crisis began. Subsequently, the rupee came under pressure, forcing the Reserve Bank of India (RBI) to intervene in the forex market by selling dollars, leading to a decline for several weeks.
Central bank data showed that foreign currency assets, which constitute a major part of the reserves, increased by $562 million to $552.387 billion in the week ended May 8.
In dollar terms, these foreign currency assets include the impact of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in foreign exchange reserves.
The Supreme Bank said that Special Drawing Rights (SDRs) increased by $84 million to $18.873 billion. India's reserve position with the IMF also increased by $12 million to $4.875 billion at the end of the reporting week, according to data from the apex bank.
Rupee Crosses 96 Level
Continuing the downfall, the Indian currency--Rupee-- slipped below the crucial 96 mark in intraday trade on Friday against the US dollar. The persistence decline is pressured by elevated crude oil prices, a strong dollar and hawkish comments from US policy makers.
(With Inputs From PTI)