India’s forex reserves climb to $656 billion, near all-time high

India’s foreign-exchange reserves rose by $3.8 billion to $656.2 billion in the week ending 1 November 2025, according to data from the RBI. The increase was driven by higher foreign-currency assets and steady gold valuations. Reserves have now gained for three consecutive weeks and are only $2 billion below the record peak set earlier in 2024. Economists said the strong reserve position offers a buffer against external shocks and supports the rupee’s recent stability. The RBI continues to intervene selectively to curb volatility amid global market fluctuations.