Mumbai, April 24 : Indiaâ??s foreign exchange reserves registered a $2.3 billion increase in the week ending April 17, according to data released by the Reserve Bank of India on Friday.

The countryâ??s forex reserves rose to reach $703.30 billion, the central bank said.

The uptick comes after a period of sustained pressure on the reserves, largely driven by external factors and currency market interventions.

Indiaâ??s reserves had previously touched an all-time high of $728.494 billion in the week ended February 27, 2026.

However, the escalation of the Middle East conflict soon after led to a reversal in the trend.

The countryâ??s gold reserves also followed suit and continued their $100 billion+ rally at $122.13, with a significant rise of $79 million.

Special Drawing Rights (SDRs) jumped slightly to $18.84 billion. On the other hand, Indiaâ??s reserve position with the IMF rose by $14 million, now at $48.70 billion.

Heightened global uncertainty and capital outflows put pressure on the rupee, prompting the central bank to step in and stabilise the currency through dollar sales.

This intervention, coupled with broader market dynamics following the outbreak of the West Asia war, resulted in a steady depletion of reserves over several weeks.

The latest rise suggests a potential easing of pressures, although reserves remain below their late-February peak.

The movement in forex reserves continues to reflect Indiaâ??s balancing act between managing external shocks and maintaining currency stability amid an uncertain global economic environment.

Meanwhile, for the week ended April 10, Indiaâ??s foreign exchange reserves was increased by $3.825 billion.

This marks a continued recovery in the countryâ??s forex kitty, which had already risen by $9.063 billion to $697.121 billion in the previous week ended April 3.

Foreign exchange reserves play a crucial role in maintaining economic stability, helping the central bank manage currency fluctuations and ensuring smooth external trade.

A robust reserve position allows the RBI to intervene in the currency market to support the rupee during periods of volatility, while also reflecting sustained inflows of foreign currency into the economy.

/IANS