Foreign exchange reserves are an important sign of a country's economic strength. This study has been conducted by doing an econometric analysis of the factors determining change in India's foreign exchange reserves using time series data from 1990-91 to 2020-21. In this research, we examine the effect of four factors on India's foreign exchange reserves: debt-to-GDP ratio, foreign exchange rate, FDI inflows, and trade balance. According to this research, FDI inflows and trade balance have a substantial link with changes in foreign currency reserves, although the other two variables are not as important. Finally, based on the findings of this analysis, this paper offers some policy approaches for improving forex reserves.