India’s foreign exchange reserves rose by $2.3 billion to $703.30 billion for the week ending April 17, reversing some of the drawdown seen earlier. The depletion followed pressure on the rupee after the Middle East conflict, when RBI intervention helped stabilize currency swings. Reserves were last at an all-time high in February 2026.
The Reserve Bank of India has dismissed reports claiming it may replace Mahatma Gandhi’s image on existing currency and banknotes. RBI clarified there is no proposal for any change to the current Indian currency and banknotes, putting an end to speculation about altering the face on money already in circulation.
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India is preparing a proposal that would require banks to report offshore rupee derivative trades, even as lenders push back against the plan, according to two sources. The move aims to boost transparency in a fast-growing offshore market that has intensified pressure on the rupee, potentially affecting how currency risks are tracked.
Volvo Car India will recalibrate prices upward by as much as Rs 1 lakh for its vehicles from May 1. The automaker attributes the move to international supply chain disruptions and currency variations. It also warns that if the economic situation fails to improve, more price hikes could be announced later.
Rising West Asia turmoil is unsettling millions of Indians working abroad, raising fears that remittance inflows to India could fall sharply. Analysts warn a slowdown in money transfers may strain the current account and add pressure to currency health, especially if job security and banking channels remain disrupted amid escalating tensions involving Iran and the US and Israel.
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