India's foreign exchange reserves rebound $6.3 billion ending May 8
India's foreign exchange reserves just made a strong comeback, rising by $6.3 billion to nearly $697 billion for the week ending May 8, 2026.
This jump follows a big dip the previous week and is mostly thanks to a surge in gold reserves and foreign currency assets.
India's gold reserves rise $5.6 billion
Gold reserves led the way, shooting up by $5.6 billion, making it the biggest driver of this recovery.
Foreign currency assets also grew by $562 million.
On top of that, India's Special Drawing Rights with the IMF and its reserve position there saw small but steady increases too.
India raises duties on precious metals
To help stabilize things further, the government has raised import duties on gold, silver, and platinum from May 13.
The goal? To cut down on nonessential imports and keep India's foreign exchange reserves solid in these unpredictable global times.