India's forex reserves have reached a historic $700 billion, making it the fourth country globally, after China, Japan, and Switzerland, to achieve this milestone.
The reserves surged by $12.6 billion in the week ending September 27, the largest weekly gain since July 2023. In comparison, reserves grew by $2.8 billion in the previous week. Stable oil prices and strong inflows into Indian stocks and bonds have fueled this rise. Experts from BofA Securities forecast India's reserves to hit $745 billion by March 2026, supported by a steady balance of payments surplus of $40-50 billion annually.