Forex reserves rise $7.3 billion as FCNR & ECB flows pick up

India's foreign exchange reserves rose by $7.26 billion to $674 billion in the week ended July 3, driven by inflows from the FCNR(B) deposit scheme and concessional ECB forex swaps announced by the RBI on June 5. Foreign currency assets increased $4.5 billion to $545.5 billion while gold reserves rose $2.6 billion to $105.2 billion. Economists, however, cautioned that it is premature to attribute the rise solely to these measures, with a clearer picture expected after September; total reserves remain below the record high of $728 billion hit in February 2026.