India’s foreign exchange reserves climbed to $723.8 billion as of January 30, 2026, providing a robust merchandise import cover of more than 11 months, Reserve Bank of India chief Sanjay Malhotra said on Friday, adding that the central bank is confident of meeting its external financing requirements comfortably. Governor Malhotra’s remarks come at a time when the Rupee is trading in a narrow range close to its all-time high of Rs 91.97 against the US dollar, largely supported by foreign banks' dollar sales and traders cutting intraday short bets. As corporate India’s dollar demands continue to be high, the Indian currency closed at Rs 90.3550 per dollar, up 0.1% on Thursday.