India’s foreign exchange reserves climbed by $6.295 billion to $696.988 billion in the week ended May 8, the RBI said. The previous week saw reserves fall by $7.794 billion to $690.693 billion. The increase was driven by higher foreign currency assets, which rose by $562 million to $552.387 billion, and a major $5.637 billion jump in gold reserves to $120.853 billion. SDRs and India’s IMF reserve position also edged up.
The RBI has repatriated 104.23 metric tonnes of gold from the UK to domestic vaults in the second half of FY26, continuing a third straight year of high-security “gold lifts.” With this move, about 77% of India’s total gold reserves are stored within the country, strengthening sovereign security and reducing exposure to global geopolitical risks.
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India is rapidly repatriating its gold reserves, moving the bulk from overseas vaults back to domestic custody. The push is fueled by concerns about trust and the need for stronger control, echoing a wider global shift toward physical sovereignty. With wealth more readily accessible during uncertainty, the plan is reshaping what “safety” means in international finance.
The Reserve Bank of India is accelerating the onshoring of its bullion reserves, aiming to bring nearly 77% of its gold home by March 2026. RBI has already repatriated a large portion and the decision follows global concerns about holding sovereign gold abroad after recent events, with several countries moving to return their reserves.
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