India’s forex reserves hit the $700 billion mark for the first time, rising by $12.6 billion in the week ending September 27, according to the Reserve Bank of India (RBI). This milestone makes India the fourth country globally to cross $700 billion in reserves, joining China, Japan, and Switzerland.

BulletsIn

• Forex reserves up by $12.6 billion, now $705 billion.
• Largest weekly increase since July 2023.
• Boost from stable oil prices and inflows into stocks and bonds.
• RBI aims for a reserve buffer against external risks.
• $745 billion in reserves expected by March 2026, per BofA.
• First crossed $100 billion in December 2003.
• Record $298 billion accumulated under RBI Governor Das.
• Rupee closed near record low, despite large reserves.