India's foreign exchange reserves surged by approximately $3.3 billion to reach $696.61 billion in the week ending December 26. This increase was primarily driven by a significant rise in gold reserves, which grew by about $2.96 billion, alongside a modest increase in foreign currency assets. The Special Drawing Rights and India's reserve position with the IMF also saw slight gains. These reserves remain near record highs, providing substantial cover for import needs amid global financial volatility.