India’s foreign-exchange reserves rose by about $4.85 billion to $702.78 billion in the week ended 27 June, the Reserve Bank of India said. The stockpile is at its highest level since the record $704.89 billion reached in September 2024 and marks a nine-month high. Foreign currency assets, the largest component, increased to $594.82 billion, while gold holdings fell $1.23 billion to $84.5 billion. Special Drawing Rights rose $158 million to $18.83 billion and the country’s position with the International Monetary Fund improved by $176 million to $4.62 billion. Analysts said the larger cushion, together with a leaner forward-dollar book—short positions narrowed to $65.2 billion in May from a record $88.7 billion in February—enhances the RBI’s capacity to curb rupee volatility as global trade policy uncertainty persists.