India's foreign exchange reserves increased by $4.84 billion to reach $702.78 billion for the week ended June 27, 2025, according to the Reserve Bank of India (RBI). This rise marked the highest level since the peak in September 2024. The growth in forex reserves was primarily driven by a $5.75 billion increase in foreign currency assets, which stood at $594.82 billion. However, in the following week ended July 4, India's forex reserves declined by $3.049 billion to $699.736 billion. Meanwhile, the European Central Bank (ECB) continued its balance sheet reduction, cutting its asset holdings by €64 billion in June to €3.98 trillion, the lowest since June 2020. The ECB's quantitative tightening since its 2022 peak has totaled €3.18 trillion, or 44%. Additionally, the ECB's bond holdings under the Pandemic Emergency Purchase Programme (PEPP) stood at €1.49 trillion as of mid-July 2025. The ECB settled €263.2 billion in corporate bond purchases and €1,972.1 billion in public-sector bond purchases. The ECB's forex reserves increased slightly by €100 million to €324.1 billion.