India’s foreign exchange reserves fell by USD 1.877 billion to USD 686.227 billion for the week ending November 28, according to RBI’s latest data. This follows a sharper decline of USD 4.472 billion in the previous week, reflecting continued pressure on the forex kitty over recent weeks.

The RBI’s Weekly Statistical Supplement showed that foreign currency assets (FCA)—the largest component of reserves—dropped by USD 3.569 billion to USD 557.031 billion. In contrast, gold reserves rose by USD 1.613 billion to USD 105.795 billion, supported by a global surge in gold prices amid heightened geopolitical uncertainty and strong safe-haven demand.

Other components of reserves also showed marginal movement. SDRs increased by USD 63 million to USD 18.628 billion, while India’s reserve position with the IMF grew by USD 16 million to USD 4.772 billion. Overall, despite recent weekly declines, India’s forex reserves have grown by about USD 48 billion in 2025, following increases of USD 20 billion in 2024 and USD 58 billion in 2023.

The RBI commonly intervenes in the currency market to stabilise the rupee, buying dollars when the domestic currency is strong and selling when it weakens. These liquidity operations, along with global currency and commodity trends, continue to influence the weekly fluctuations in India’s foreign exchange reserves.