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India’s forex reserves surge by $6.295 billion to nearly $697 billion as gold and FX jump

India’s forex reserves surge by $6.295 billion to nearly $697 billion as gold and FX jump

India’s foreign exchange reserves climbed by $6.295 billion to $696.988 billion in the week ended May 8, the RBI said. The previous week saw reserves fall by $7.794 billion to $690.693 billion. The increase was driven by higher foreign currency assets, which rose by $562 million to $552.387 billion, and a major $5.637 billion jump in gold reserves to $120.853 billion. SDRs and India’s IMF reserve position also edged up.

Summarised by Beize from a story on The Economic Times on 15 May 2026
Rupee hits record low as oil spikes from US Iran standoff

Rupee hits record low as oil spikes from US Iran standoff

The Indian rupee slid to its weakest closing level on record, dropping nearly 0.9% to 95.31 per dollar as crude prices surged amid a US Iran standoff. Brent rose 2.5% to $103.8 per barrel after President Trump rejected Iran’s response, keeping the Strait of Hormuz, which carries about a fifth of global oil and LNG flows, effectively paralysed. Indian equities fell 1.5% and government bond yields rose. Analysts warned stronger oil can widen the current account deficit and strain FX buffers.

Summarised by Beize from a story on The Economic Times on 14 May 2026

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HDFC Mutual Fund pulls Gold Silver FoF NFO over trade balance fears

HDFC Mutual Fund pulls Gold Silver FoF NFO over trade balance fears

HDFC Mutual Fund has withdrawn its proposed Gold-Silver Passive Fund of Fund NFO, blaming concerns that rising precious metal imports could worsen India’s trade balance. The move follows Prime Minister Modi’s call to curb gold and silver buying and higher import duties, as the government and firms prioritize conserving foreign exchange reserves amid global uncertainty.

Summarised by Beize from a story on The Economic Times on 14 May 2026
Gold jewellery set to cost more in India as import duties jump

Gold jewellery set to cost more in India as import duties jump

India has raised import duties on gold and silver, a policy aimed at cutting foreign exchange outflow and easing pressure on reserves. The change is expected to push up jewellery prices for consumers, while encouraging domestic recycling and less dependence on imported metal. The move also carries implications for traders and the broader economy as demand shifts.

Summarised by Beize from a story on The Economic Times on 13 May 2026
Gold rates jump today as IBJA pushes lending options to curb buying

Gold rates jump today as IBJA pushes lending options to curb buying

Gold prices are rising on May 12, 2026, with major jewelers listing higher 22k rates. The move comes after a push to reduce gold purchases for a year to support India’s foreign exchange reserves. Now IBJA is urging policy changes to better use household gold, including allowing gold lending and borrowing to keep demand in check while unlocking value.

Summarised by Beize from a story on The Economic Times on 12 May 2026
Oil price shock fuels inflation worries and weakens demand for Indian government bonds

Oil price shock fuels inflation worries and weakens demand for Indian government bonds

Oil-led inflation fears are denting appetite for Indian government bonds as investors anticipate higher price pressures and potential rate adjustments. Separately, Prime Minister Narendra Modi urged households to conserve fuel, curb non-essential travel, reduce cooking oil use, and limit fertilizer consumption, as global energy prices strain India’s foreign exchange reserves.

Summarised by Beize from a story on The Economic Times on 11 May 2026

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India rules out curbs on overseas card spends and gold imports despite forex stress

India rules out curbs on overseas card spends and gold imports despite forex stress

Facing concerns about a widening import bill and pressure on foreign exchange reserves, government sources said there are currently no plans to restrict international card usage or increase import duties on precious metals like gold. The clarification comes amid heightened attention on forex stability, but officials indicate no immediate policy tightening for outbound spending or gold inflows.

Summarised by Beize from a story on Republic on 11 May 2026
Modi asks India to skip gold for a year What it could mean for prices and rupee

Modi asks India to skip gold for a year What it could mean for prices and rupee

Prime Minister Narendra Modi urged Indians to defer gold purchases for the next year, a rare request in a nation where the metal is both a savings habit and a tradition. Market watchers say the appeal targets a key concern: rising gold imports that drain foreign exchange reserves by boosting dollar demand during uncertain global conditions.

Summarised by Beize from a story on The Economic Times on 11 May 2026
India forex reserves drop by 7.79 billion as gold and foreign assets slide sharply

India forex reserves drop by 7.79 billion as gold and foreign assets slide sharply

India’s foreign exchange reserves fell by $7.794 billion to $690.693 billion by May 1, after a prior decline that followed a February record high. The drop was mainly driven by lower foreign currency assets and a sharp fall in gold reserves, adding fresh pressure on the rupee amid shifting global conditions.

Summarised by Beize from a story on The Economic Times on 8 May 2026
India forex reserves drop 4.82 billion to 698.49 billion as rupee pressure rises

India forex reserves drop 4.82 billion to 698.49 billion as rupee pressure rises

India’s foreign exchange reserves fell by $4.82 billion to $698.49 billion as of April 24, reversing the prior week’s rise. Reserve Bank interventions aimed at managing rupee volatility amid global uncertainty are in focus. The decline was driven mainly by reductions in foreign currency assets and gold reserves, despite reserves reaching a record high in February.

Summarised by Beize from a story on The Economic Times on 1 May 2026

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RBI says India financial system stays resilient as global shocks and capital outflows persist

RBI says India financial system stays resilient as global shocks and capital outflows persist

In its latest RBI Bulletin, the central bank said India’s financial system and external sector remain resilient despite global volatility and capital outflows. It reported that key external vulnerability indicators stayed contained, while foreign exchange reserves continued to look comfortable, even as global uncertainty remained elevated.

Summarised by Beize from a story on The Economic Times on 25 Apr 2026
MPC external member Ram Singh says repo hike not likely yet

MPC external member Ram Singh says repo hike not likely yet

MPC external member Ram Singh signaled that a repo rate hike is not on the cards for now, tying the decision to whether inflation triggers second-round effects. He expects the West Asia conflict to ease, which could moderate price pressures, while saying forex reserves remain adequate and open market operations will support liquidity. Growth, he adds, stays resilient despite supply risks.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
India forex reserves jump 2.3 billion to 703.30 billion after rupee pressure

India forex reserves jump 2.3 billion to 703.30 billion after rupee pressure

India’s foreign exchange reserves rose by $2.3 billion to $703.30 billion for the week ending April 17, reversing some of the drawdown seen earlier. The depletion followed pressure on the rupee after the Middle East conflict, when RBI intervention helped stabilize currency swings. Reserves were last at an all-time high in February 2026.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
RBI turns up pressure on banks to curb forex reserves and defend rupee value

RBI turns up pressure on banks to curb forex reserves and defend rupee value

The Reserve Bank of India has issued a directive to curb banks’ foreign exchange reserves, signaling a renewed push to protect the rupee’s value. While framed as a safeguard measure, the move also hints that the central bank could consider further actions to influence capital flows and stabilize market dynamics.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026

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India forex reserves slip from record high as rupee swings widen sharply

India forex reserves slip from record high as rupee swings widen sharply

India’s foreign exchange reserves fell to $646.67 billion, down about $2 billion from a previous record high, ending a three-week growth run. The dip coincides with sharp rupee volatility, with the currency oscillating between roughly 83.03 and 83.36 per dollar during the reported period, highlighting pressure even as reserves remain near peaks.

Summarised by Beize from a story on Republic on 24 Apr 2026
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