India • External sector

India — Balance of Payments

Last update: 01 Nov 2026

India ran a current-account deficit of US$4.2 billion (0.5% of GDP) in April–June 2026, against US$3.4 billion (0.4% of GDP) a year earlier. A US$86.1 billion goods deficit was largely offset by US$51.6 billion of net services receipts and US$40.8 billion of net transfers, mostly remittances.

Foreign exchange reserves fell by US$8.1 billion on a balance-of-payments basis in the quarter; they stood at US$719.7 billion on 23 October 2026. In August 2026, the latest month RBI has published, the current account showed a deficit of US$5.2 billion and the overall balance a surplus of US$45.4 billion.

How the current-account gap lines up with the general-government balance, and which capital flow financed it, is on the budget and current-account desk.

  • Quarterly BoP April–June 2026 RBI
  • Monthly BoP August 2026 RBI
  • Merchandise trade August 2026 DGCI&S
  • Reserves 23 October 2026 RBI
  • External debt end-March 2026 RBI
  • Next quarterly BoP 1 Dec 2026 July–September 2026

Current account balance

Provisional
−$4.2B −0.5% of GDPA year earlier: −$3.4B April–June 2026 · RBI (via IMF)

Goods trade balance (BoP basis)

Provisional
−$86.1B A year earlier: −$68.9B April–June 2026 · RBI (via IMF)

Net services

Provisional
+$51.6B A year earlier: +$47.9B April–June 2026 · RBI (via IMF)

Change in foreign exchange reserves (BoP basis)

Provisional
−$8.1B A year earlier: +$4.5B April–June 2026 · RBI (via IMF)

Foreign exchange reserves

Provisional
$719.7B End-Aug 2026: $751.8B 23 October 2026 · RBI

Featured

Current-account balance as a share of GDP

Everything India earns from and pays to the rest of the world for goods, services, investment income and transfers. Bars below zero are deficits: India paid out more than it earned and covered the gap with foreign investment, borrowing or its reserves.

For example: If India earns $100 billion in a quarter from exports, services and remittances but pays $105 billion for imports and interest, the current-account deficit is $5 billion.

Includes provisional data

% of GDP, as published by RBI

April–June 2019 Current-account balance, % of GDP: −2.0%July–September 2019 Current-account balance, % of GDP: −0.9%October–December 2019 Current-account balance, % of GDP: −0.2%January–March 2020 Current-account balance, % of GDP: 0.1%April–June 2020 Current-account balance, % of GDP: 3.7%July–September 2020 Current-account balance, % of GDP: 2.4%October–December 2020 Current-account balance, % of GDP: −0.2%January–March 2021 Current-account balance, % of GDP: −1.0%April–June 2021 Current-account balance, % of GDP: 0.9%July–September 2021 Current-account balance, % of GDP: −1.3%October–December 2021 Current-account balance, % of GDP: −2.6%January–March 2022 Current-account balance, % of GDP: −1.5%April–June 2022 Current-account balance, % of GDP: −2.1%July–September 2022 Current-account balance, % of GDP: −3.7%October–December 2022 Current-account balance, % of GDP: −2.0%January–March 2023 Current-account balance, % of GDP: −0.2%April–June 2023 Current-account balance, % of GDP: −1.0%July–September 2023 Current-account balance, % of GDP: −1.3%October–December 2023 Current-account balance, % of GDP: −1.1%January–March 2024 Current-account balance, % of GDP: 0.5%April–June 2024 Current-account balance, % of GDP: −0.9%July–September 2024 Current-account balance, % of GDP: −2.2%October–December 2024 Current-account balance, % of GDP: −1.1%January–March 2025 Current-account balance, % of GDP: 1.4%April–June 2025 Current-account balance, % of GDP: −0.4%July–September 2025 Current-account balance, % of GDP: −1.3%October–December 2025 Current-account balance, % of GDP: −1.3%January–March 2026 Current-account balance, % of GDP: 0.7%April–June 2026 Current-account balance, % of GDP: −0.5%

1 · The current account

Current-account composition

Composition

Current-account balance by component

The current account split into its four parts: the goods balance, the services balance, primary income (interest, dividends and wages) and secondary income (mainly remittances). Parts above zero add to the balance; parts below zero subtract from it.

For example: A $70 billion goods deficit, a $40 billion services surplus, $10 billion of net income paid abroad and $30 billion of remittances received add up to a current-account deficit of $10 billion.

Includes provisional data

US$ billion

April–June 2019 Goods: −$46.8B Services: $20.1B Primary income: −$6.3B Transfers (mainly remittances): $18.0B Current-account balance: −$15.0BJuly–September 2019 Goods: −$39.6B Services: $20.9B Primary income: −$8.8B Transfers (mainly remittances): $20.0B Current-account balance: −$7.6BOctober–December 2019 Goods: −$36.0B Services: $21.9B Primary income: −$7.4B Transfers (mainly remittances): $18.9B Current-account balance: −$2.6BJanuary–March 2020 Goods: −$35.0B Services: $22.0B Primary income: −$4.8B Transfers (mainly remittances): $18.4B Current-account balance: $0.6BApril–June 2020 Goods: −$11.0B Services: $20.8B Primary income: −$7.7B Transfers (mainly remittances): $17.0B Current-account balance: $19.1BJuly–September 2020 Goods: −$14.8B Services: $21.1B Primary income: −$9.4B Transfers (mainly remittances): $18.4B Current-account balance: $15.3BOctober–December 2020 Goods: −$34.6B Services: $23.2B Primary income: −$10.1B Transfers (mainly remittances): $19.3B Current-account balance: −$2.2BJanuary–March 2021 Goods: −$41.7B Services: $23.5B Primary income: −$8.7B Transfers (mainly remittances): $18.9B Current-account balance: −$8.1BApril–June 2021 Goods: −$30.7B Services: $25.8B Primary income: −$7.5B Transfers (mainly remittances): $19.0B Current-account balance: $6.6BJuly–September 2021 Goods: −$44.5B Services: $25.6B Primary income: −$9.8B Transfers (mainly remittances): $19.0B Current-account balance: −$9.7BOctober–December 2021 Goods: −$59.7B Services: $27.8B Primary income: −$11.5B Transfers (mainly remittances): $21.3B Current-account balance: −$22.2BJanuary–March 2022 Goods: −$54.5B Services: $28.3B Primary income: −$8.4B Transfers (mainly remittances): $21.2B Current-account balance: −$13.4BApril–June 2022 Goods: −$63.1B Services: $31.1B Primary income: −$8.9B Transfers (mainly remittances): $22.9B Current-account balance: −$17.9BJuly–September 2022 Goods: −$78.3B Services: $34.4B Primary income: −$11.8B Transfers (mainly remittances): $24.8B Current-account balance: −$30.9BOctober–December 2022 Goods: −$71.3B Services: $38.7B Primary income: −$12.7B Transfers (mainly remittances): $28.5B Current-account balance: −$16.8BJanuary–March 2023 Goods: −$52.6B Services: $39.1B Primary income: −$12.6B Transfers (mainly remittances): $24.8B Current-account balance: −$1.3BApril–June 2023 Goods: −$56.7B Services: $35.1B Primary income: −$10.2B Transfers (mainly remittances): $22.9B Current-account balance: −$8.9BJuly–September 2023 Goods: −$64.5B Services: $39.9B Primary income: −$11.6B Transfers (mainly remittances): $24.9B Current-account balance: −$11.3BOctober–December 2023 Goods: −$71.6B Services: $45.0B Primary income: −$13.1B Transfers (mainly remittances): $29.3B Current-account balance: −$10.4BJanuary–March 2024 Goods: −$52.0B Services: $42.7B Primary income: −$14.8B Transfers (mainly remittances): $28.7B Current-account balance: $4.6BApril–June 2024 Goods: −$59.8B Services: $39.9B Primary income: −$10.8B Transfers (mainly remittances): $26.3B Current-account balance: −$4.5BJuly–September 2024 Goods: −$88.5B Services: $44.5B Primary income: −$9.2B Transfers (mainly remittances): $32.4B Current-account balance: −$20.8BOctober–December 2024 Goods: −$79.3B Services: $51.2B Primary income: −$16.4B Transfers (mainly remittances): $33.2B Current-account balance: −$11.3BJanuary–March 2025 Goods: −$59.3B Services: $53.3B Primary income: −$11.9B Transfers (mainly remittances): $31.5B Current-account balance: $13.7BApril–June 2025 Goods: −$68.9B Services: $47.9B Primary income: −$13.3B Transfers (mainly remittances): $30.9B Current-account balance: −$3.4BJuly–September 2025 Goods: −$89.1B Services: $50.9B Primary income: −$12.6B Transfers (mainly remittances): $36.3B Current-account balance: −$14.5BOctober–December 2025 Goods: −$95.9B Services: $57.5B Primary income: −$12.8B Transfers (mainly remittances): $35.2B Current-account balance: −$16.1BJanuary–March 2026 Goods: −$83.4B Services: $60.4B Primary income: −$11.7B Transfers (mainly remittances): $41.3B Current-account balance: $6.5BApril–June 2026 Goods: −$86.1B Services: $51.6B Primary income: −$10.5B Transfers (mainly remittances): $40.8B Current-account balance: −$4.2B
  • Goods
  • Services
  • Primary income
  • Transfers (mainly remittances)
  • Current-account balance

Drill down

The current account, line by line

Start from the current-account balance and open any line to see what it is made of: goods into exports and imports, services into computer, business, transport and travel services, income and transfers into their largest lines. Switch to “Against a year earlier” to see which lines changed most.

For example: If the deficit widened by $5 billion while goods imports rose by $12 billion and services receipts by $7 billion, opening “Goods” shows the import line as the biggest change for the worse.

Includes provisional data

India ran a current-account deficit of $4.2B in April–June 2026, against a deficit of $3.4B in April–June 2025. Largest drain: Goods (−$86.1B). Largest support: Services (+$51.6B).

Positive lines add to the line above and negative lines take from it; the lines of a level add up to that line, and any gap is shown as its own row. Receipts (exports, income received, remittances) are positive; payments (imports, income paid) are negative. Petroleum lines come from RBI's quarterly release and are not published for fiscal years.

Invisibles

Services exports and remittance receipts

The receipts that offset most of India's goods deficit: services sold to foreign clients (software, business services, travel) and money that Indians working abroad send home.

For example: When a Bengaluru software firm bills a US bank for IT work, the payment is a services export; when a nurse in Dubai sends money to family in Kerala, it is a remittance receipt.

Includes provisional data

US$ billion

April–June 2019 Computer services exports: $22.8B Other business services exports: $11.5B Remittances received: $19.3B Travel receipts: $7.0BJuly–September 2019 Computer services exports: $23.2B Other business services exports: $10.9B Remittances received: $21.3B Travel receipts: $7.6BOctober–December 2019 Computer services exports: $23.8B Other business services exports: $11.9B Remittances received: $20.1B Travel receipts: $8.5BJanuary–March 2020 Computer services exports: $23.3B Other business services exports: $11.5B Remittances received: $20.1B Travel receipts: $6.9BApril–June 2020 Computer services exports: $22.6B Other business services exports: $11.3B Remittances received: $17.6B Travel receipts: $1.9BJuly–September 2020 Computer services exports: $24.8B Other business services exports: $11.6B Remittances received: $19.7B Travel receipts: $2.1BOctober–December 2020 Computer services exports: $25.8B Other business services exports: $12.9B Remittances received: $20.0B Travel receipts: $2.2BJanuary–March 2021 Computer services exports: $26.8B Other business services exports: $13.3B Remittances received: $20.2B Travel receipts: $2.3BApril–June 2021 Computer services exports: $27.6B Other business services exports: $13.0B Remittances received: $20.1B Travel receipts: $1.6BJuly–September 2021 Computer services exports: $30.0B Other business services exports: $13.9B Remittances received: $20.2B Travel receipts: $2.1BOctober–December 2021 Computer services exports: $31.7B Other business services exports: $15.3B Remittances received: $22.4B Travel receipts: $2.6BJanuary–March 2022 Computer services exports: $32.8B Other business services exports: $16.8B Remittances received: $22.9B Travel receipts: $2.8BApril–June 2022 Computer services exports: $34.5B Other business services exports: $17.8B Remittances received: $25.0B Travel receipts: $4.7BJuly–September 2022 Computer services exports: $36.2B Other business services exports: $19.1B Remittances received: $26.7B Travel receipts: $5.8BOctober–December 2022 Computer services exports: $37.6B Other business services exports: $21.2B Remittances received: $30.0B Travel receipts: $8.1BJanuary–March 2023 Computer services exports: $38.5B Other business services exports: $22.3B Remittances received: $28.0B Travel receipts: $8.4BApril–June 2023 Computer services exports: $38.2B Other business services exports: $21.8B Remittances received: $26.3B Travel receipts: $6.4BJuly–September 2023 Computer services exports: $39.6B Other business services exports: $21.5B Remittances received: $27.3B Travel receipts: $7.5BOctober–December 2023 Computer services exports: $41.0B Other business services exports: $22.6B Remittances received: $30.6B Travel receipts: $9.9BJanuary–March 2024 Computer services exports: $41.6B Other business services exports: $22.6B Remittances received: $31.3B Travel receipts: $10.0BApril–June 2024 Computer services exports: $41.9B Other business services exports: $23.0B Remittances received: $28.6B Travel receipts: $7.4BJuly–September 2024 Computer services exports: $44.2B Other business services exports: $25.2B Remittances received: $34.4B Travel receipts: $7.6BOctober–December 2024 Computer services exports: $47.6B Other business services exports: $29.6B Remittances received: $35.1B Travel receipts: $10.1BJanuary–March 2025 Computer services exports: $46.9B Other business services exports: $29.4B Remittances received: $33.9B Travel receipts: $9.1BApril–June 2025 Computer services exports: $47.3B Other business services exports: $29.5B Remittances received: $33.2B Travel receipts: $5.9BJuly–September 2025 Computer services exports: $49.5B Other business services exports: $29.5B Remittances received: $38.2B Travel receipts: $6.8BOctober–December 2025 Computer services exports: $53.5B Other business services exports: $32.1B Remittances received: $36.9B Travel receipts: $9.9BJanuary–March 2026 Computer services exports: $53.3B Other business services exports: $33.1B Remittances received: $43.5B Travel receipts: $9.3BApril–June 2026 Computer services exports: $51.4B Other business services exports: $32.8B Remittances received: $42.9B Travel receipts: $5.5B
  • Computer services exports
  • Other business services exports
  • Remittances received
  • Travel receipts

Monthly data

Monthly current account: this year against last year

RBI began publishing a monthly balance of payments in 2026. Each month is set beside the same month a year earlier. Monthly figures are preliminary and are not revised individually after the quarterly release.

For example: Comparing July with the previous July removes seasonal effects, such as festive-season gold buying, that a comparison of July with June would pick up.

Includes provisional data

US$ billion

April 2025 and 2026 Current account, 2025: −$4.8B Current account, 2026: $4.7B NRI deposits, 2026: $0.8B Overall balance, 2026: −$6.6BMay 2025 and 2026 Current account, 2025: $0.7B Current account, 2026: −$2.0B NRI deposits, 2026: $0.6B Overall balance, 2026: −$4.4BJune 2025 and 2026 Current account, 2025: $1.2B Current account, 2026: −$6.2B NRI deposits, 2026: $1.4B Overall balance, 2026: $2.9BJuly 2025 and 2026 Current account, 2025: −$3.2B Current account, 2026: −$7.0B NRI deposits, 2026: $33.5B Overall balance, 2026: $20.8BAugust 2025 and 2026 Current account, 2025: −$6.1B Current account, 2026: −$5.2B NRI deposits, 2026: $83.0B Overall balance, 2026: $45.4B
  • Current account, 2025
  • Current account, 2026
  • NRI deposits, 2026
  • Overall balance, 2026

2 · Financing

Current-account financing

Financing

Current-account financing by source

Start from the current-account balance, add each type of net capital flow and the statistical discrepancy, and the total equals the change in foreign exchange reserves.

For example: A quarter with a $10 billion current-account deficit and $15 billion of net capital inflows adds $5 billion to reserves.

Includes provisional data
Current-account balance −$4.2B
Foreign direct investmentinto India minus Indian investment abroad +$6.1B
Portfolio investmentequity and debt −$9.6B
Financial derivatives −$9.9B
Loansincl. external commercial borrowings +$1.4B
Currency and depositsincl. NRI deposits +$2.8B
Trade credit and advances +$3.5B
Other investment, remaininginsurance, other accounts −$0.1B
Capital account +$0.2B
Errors and omissionsstatistical discrepancy +$1.6B
Change in reserves (BoP basis) −$8.1B

Positive steps are net inflows. Loans include external commercial borrowings; currency and deposits include NRI deposits. A fall in reserves on this basis is a transaction, before gold-price and exchange-rate valuation.

Drill down

Current-account financing by line

Start from the change in reserves and open any line: the current account, net capital flows (direct, portfolio and other investment, each opened further) and errors and omissions. A deficit that capital inflows do not cover comes out of reserves.

For example: If the current-account deficit is $10 billion and net capital flows bring in $6 billion, reserves fall by about $4 billion; opening “Net capital flows” shows which inflows did the covering.

Includes provisional data

Reserves fell by $8.1B on a balance-of-payments basis in April–June 2026, against a rise of $4.5B in April–June 2025. Largest drain: Net capital flows (−$5.5B). Largest support: Errors and omissions (+$1.6B).

  • Errors and omissionsThe statistical gap between all recorded receipts and payments. +$1.6B −$1.4B +$3.0B change

Positive lines add to the line above and negative lines take from it; the lines of a level add up to that line, and any gap is shown as its own row. Capital flows follow RBI's convention: positive is a net inflow. For the change in reserves, negative means reserves fell, before gold-price and exchange-rate valuation.

Capital flows

Net capital flows by type

Money entering India (above zero) or leaving it (below zero), split into direct investment, portfolio investment, loans, and currency and deposits. Portfolio flows, foreign purchases and sales of Indian shares and bonds, usually swing the most.

For example: If foreign funds buy $8 billion of Indian shares in a quarter and sell $5 billion, net portfolio investment for that quarter is +$3 billion.

Includes provisional data

US$ billion

April–June 2019 Direct investment: $14.0B Portfolio: $4.8B Loans incl. ECBs: $8.6B Currency & deposits incl. NRI: $2.4B Everything else: −$1.2B Net capital flows: $28.6BJuly–September 2019 Direct investment: $7.3B Portfolio: $2.5B Loans incl. ECBs: $0.0B Currency & deposits incl. NRI: $1.9B Everything else: $1.9B Net capital flows: $13.6BOctober–December 2019 Direct investment: $9.7B Portfolio: $7.8B Loans incl. ECBs: $1.4B Currency & deposits incl. NRI: $0.8B Everything else: $3.8B Net capital flows: $23.6BJanuary–March 2020 Direct investment: $12.0B Portfolio: −$13.7B Loans incl. ECBs: $3.4B Currency & deposits incl. NRI: $2.9B Everything else: $12.8B Net capital flows: $17.3BApril–June 2020 Direct investment: −$0.5B Portfolio: $0.6B Loans incl. ECBs: $2.9B Currency & deposits incl. NRI: $2.2B Everything else: −$3.9B Net capital flows: $1.4BJuly–September 2020 Direct investment: $24.4B Portfolio: $7.0B Loans incl. ECBs: −$15.3B Currency & deposits incl. NRI: $1.9B Everything else: −$2.2B Net capital flows: $15.9BOctober–December 2020 Direct investment: $17.4B Portfolio: $21.2B Loans incl. ECBs: −$10.9B Currency & deposits incl. NRI: $3.4B Everything else: $3.0B Net capital flows: $34.1BJanuary–March 2021 Direct investment: $2.7B Portfolio: $7.3B Loans incl. ECBs: $6.0B Currency & deposits incl. NRI: −$0.3B Everything else: −$3.4B Net capital flows: $12.2BApril–June 2021 Direct investment: $11.6B Portfolio: $0.4B Loans incl. ECBs: $2.5B Currency & deposits incl. NRI: $2.5B Everything else: $8.4B Net capital flows: $25.4BJuly–September 2021 Direct investment: $8.7B Portfolio: $3.9B Loans incl. ECBs: $6.3B Currency & deposits incl. NRI: −$0.4B Everything else: $21.2B Net capital flows: $39.6BOctober–December 2021 Direct investment: $4.6B Portfolio: −$5.8B Loans incl. ECBs: $8.1B Currency & deposits incl. NRI: $1.1B Everything else: $14.5B Net capital flows: $22.5BJanuary–March 2022 Direct investment: $13.8B Portfolio: −$15.2B Loans incl. ECBs: $0.5B Currency & deposits incl. NRI: −$0.4B Everything else: −$0.4B Net capital flows: −$1.7BApril–June 2022 Direct investment: $13.4B Portfolio: −$14.6B Loans incl. ECBs: $18.2B Currency & deposits incl. NRI: −$0.2B Everything else: $5.2B Net capital flows: $22.0BJuly–September 2022 Direct investment: $6.2B Portfolio: $6.5B Loans incl. ECBs: −$10.6B Currency & deposits incl. NRI: $2.5B Everything else: −$3.1B Net capital flows: $1.4BOctober–December 2022 Direct investment: $2.0B Portfolio: $4.6B Loans incl. ECBs: $11.1B Currency & deposits incl. NRI: $2.4B Everything else: $8.7B Net capital flows: $28.9BJanuary–March 2023 Direct investment: $6.4B Portfolio: −$1.7B Loans incl. ECBs: −$4.4B Currency & deposits incl. NRI: $3.7B Everything else: $2.5B Net capital flows: $6.5BApril–June 2023 Direct investment: $4.7B Portfolio: $15.7B Loans incl. ECBs: $17.7B Currency & deposits incl. NRI: $2.4B Everything else: −$6.8B Net capital flows: $33.8BJuly–September 2023 Direct investment: −$0.8B Portfolio: $4.9B Loans incl. ECBs: −$0.9B Currency & deposits incl. NRI: $3.1B Everything else: $6.5B Net capital flows: $12.8BOctober–December 2023 Direct investment: $4.0B Portfolio: $12.0B Loans incl. ECBs: $10.9B Currency & deposits incl. NRI: $4.1B Everything else: −$13.8B Net capital flows: $17.2BJanuary–March 2024 Direct investment: $2.3B Portfolio: $11.4B Loans incl. ECBs: $4.3B Currency & deposits incl. NRI: $6.3B Everything else: $1.2B Net capital flows: $25.5BApril–June 2024 Direct investment: $6.2B Portfolio: $0.9B Loans incl. ECBs: $1.6B Currency & deposits incl. NRI: $4.1B Everything else: −$4.0B Net capital flows: $8.9BJuly–September 2024 Direct investment: −$2.8B Portfolio: $19.9B Loans incl. ECBs: $3.9B Currency & deposits incl. NRI: $6.5B Everything else: $12.6B Net capital flows: $40.0BOctober–December 2024 Direct investment: −$2.8B Portfolio: −$11.4B Loans incl. ECBs: −$8.9B Currency & deposits incl. NRI: $3.1B Everything else: −$7.7B Net capital flows: −$27.6BJanuary–March 2025 Direct investment: $0.4B Portfolio: −$5.9B Loans incl. ECBs: −$1.8B Currency & deposits incl. NRI: $2.6B Everything else: −$1.2B Net capital flows: −$5.9BApril–June 2025 Direct investment: $5.2B Portfolio: $1.6B Loans incl. ECBs: $1.0B Currency & deposits incl. NRI: $3.6B Everything else: −$2.2B Net capital flows: $9.2BJuly–September 2025 Direct investment: $2.1B Portfolio: −$5.7B Loans incl. ECBs: $1.8B Currency & deposits incl. NRI: $2.4B Everything else: $2.3B Net capital flows: $2.9BOctober–December 2025 Direct investment: −$5.1B Portfolio: −$0.2B Loans incl. ECBs: −$1.1B Currency & deposits incl. NRI: $4.9B Everything else: −$4.5B Net capital flows: −$6.0BJanuary–March 2026 Direct investment: $4.5B Portfolio: −$13.6B Loans incl. ECBs: $6.3B Currency & deposits incl. NRI: $3.9B Everything else: −$1.2B Net capital flows: −$0.2BApril–June 2026 Direct investment: $6.1B Portfolio: −$9.6B Loans incl. ECBs: $1.4B Currency & deposits incl. NRI: $2.8B Everything else: −$6.2B Net capital flows: −$5.5B
  • Direct investment
  • Portfolio
  • Loans incl. ECBs
  • Currency & deposits incl. NRI
  • Everything else
  • Net capital flows

Direct investment

Foreign direct investment: inward, outward and net

Two FDI figures are commonly quoted. Investment into India, after foreign owners take money home, is the larger one; subtracting what Indian companies invest abroad gives net FDI, which is much smaller.

For example: Foreign companies invest $20 billion in India and take $12 billion home, so FDI into India is $8 billion. If Indian firms also invest $6 billion abroad, net FDI is $2 billion.

Includes provisional data

US$ billion

April–June 2019 Into India, net of repatriation: $17.2B By Indian firms abroad (outflow): −$3.2B Net FDI: $14.0BJuly–September 2019 Into India, net of repatriation: $10.4B By Indian firms abroad (outflow): −$3.1B Net FDI: $7.3BOctober–December 2019 Into India, net of repatriation: $13.2B By Indian firms abroad (outflow): −$3.5B Net FDI: $9.7BJanuary–March 2020 Into India, net of repatriation: $15.2B By Indian firms abroad (outflow): −$3.2B Net FDI: $12.0BApril–June 2020 Into India, net of repatriation: $2.1B By Indian firms abroad (outflow): −$2.6B Net FDI: −$0.5BJuly–September 2020 Into India, net of repatriation: $27.1B By Indian firms abroad (outflow): −$2.7B Net FDI: $24.4BOctober–December 2020 Into India, net of repatriation: $20.0B By Indian firms abroad (outflow): −$2.6B Net FDI: $17.4BJanuary–March 2021 Into India, net of repatriation: $5.8B By Indian firms abroad (outflow): −$3.1B Net FDI: $2.7BApril–June 2021 Into India, net of repatriation: $17.2B By Indian firms abroad (outflow): −$5.7B Net FDI: $11.6BJuly–September 2021 Into India, net of repatriation: $12.9B By Indian firms abroad (outflow): −$4.2B Net FDI: $8.7BOctober–December 2021 Into India, net of repatriation: $8.8B By Indian firms abroad (outflow): −$4.3B Net FDI: $4.6BJanuary–March 2022 Into India, net of repatriation: $17.3B By Indian firms abroad (outflow): −$3.5B Net FDI: $13.8BApril–June 2022 Into India, net of repatriation: $16.3B By Indian firms abroad (outflow): −$2.9B Net FDI: $13.4BJuly–September 2022 Into India, net of repatriation: $9.1B By Indian firms abroad (outflow): −$2.9B Net FDI: $6.2BOctober–December 2022 Into India, net of repatriation: $7.3B By Indian firms abroad (outflow): −$5.3B Net FDI: $2.0BJanuary–March 2023 Into India, net of repatriation: $9.3B By Indian firms abroad (outflow): −$3.0B Net FDI: $6.4BApril–June 2023 Into India, net of repatriation: $7.4B By Indian firms abroad (outflow): −$2.6B Net FDI: $4.7BJuly–September 2023 Into India, net of repatriation: $3.0B By Indian firms abroad (outflow): −$3.9B Net FDI: −$0.8BOctober–December 2023 Into India, net of repatriation: $8.4B By Indian firms abroad (outflow): −$4.4B Net FDI: $4.0BJanuary–March 2024 Into India, net of repatriation: $8.1B By Indian firms abroad (outflow): −$5.8B Net FDI: $2.3BApril–June 2024 Into India, net of repatriation: $10.6B By Indian firms abroad (outflow): −$4.4B Net FDI: $6.2BJuly–September 2024 Into India, net of repatriation: $5.0B By Indian firms abroad (outflow): −$7.8B Net FDI: −$2.8BOctober–December 2024 Into India, net of repatriation: $3.5B By Indian firms abroad (outflow): −$6.3B Net FDI: −$2.8BJanuary–March 2025 Into India, net of repatriation: $10.1B By Indian firms abroad (outflow): −$9.7B Net FDI: $0.4BApril–June 2025 Into India, net of repatriation: $14.4B By Indian firms abroad (outflow): −$9.2B Net FDI: $5.2BJuly–September 2025 Into India, net of repatriation: $11.7B By Indian firms abroad (outflow): −$9.6B Net FDI: $2.1BOctober–December 2025 Into India, net of repatriation: $4.7B By Indian firms abroad (outflow): −$9.8B Net FDI: −$5.1BJanuary–March 2026 Into India, net of repatriation: $12.2B By Indian firms abroad (outflow): −$7.7B Net FDI: $4.5BApril–June 2026 Into India, net of repatriation: $15.5B By Indian firms abroad (outflow): −$9.4B Net FDI: $6.1B
  • Into India, net of repatriation
  • By Indian firms abroad (outflow)
  • Net FDI

3 · Trade

Merchandise trade: products and partners

Monthly

Merchandise exports, imports and trade balance

Goods exports and imports as recorded by customs (DGCI&S), and the gap between them. These differ slightly from the balance-of-payments goods figures, which adjust for coverage and timing.

For example: If India ships $35 billion of goods abroad in a month and imports $55 billion, the merchandise trade deficit for that month is $20 billion.

Includes provisional data

US$ billion

April 2023 Trade balance: −$14.4B Exports: $34.6B Imports: $49.1BMay 2023 Trade balance: −$22.5B Exports: $35.0B Imports: $57.5BJune 2023 Trade balance: −$18.9B Exports: $34.3B Imports: $53.2BJuly 2023 Trade balance: −$18.7B Exports: $34.5B Imports: $53.1BAugust 2023 Trade balance: −$23.8B Exports: $38.3B Imports: $62.0BSeptember 2023 Trade balance: −$19.8B Exports: $34.4B Imports: $54.2BOctober 2023 Trade balance: −$29.6B Exports: $33.4B Imports: $63.0BNovember 2023 Trade balance: −$21.0B Exports: $33.7B Imports: $54.8BDecember 2023 Trade balance: −$18.5B Exports: $38.4B Imports: $56.9BJanuary 2024 Trade balance: −$16.4B Exports: $37.3B Imports: $53.7BFebruary 2024 Trade balance: −$18.4B Exports: $41.4B Imports: $59.8BMarch 2024 Trade balance: −$14.9B Exports: $41.7B Imports: $56.6BApril 2024 Trade balance: −$14.7B Exports: $39.8B Imports: $54.5BMay 2024 Trade balance: −$22.9B Exports: $38.8B Imports: $61.7BJune 2024 Trade balance: −$20.5B Exports: $35.4B Imports: $56.0BJuly 2024 Trade balance: −$26.8B Exports: $32.7B Imports: $59.5BAugust 2024 Trade balance: −$35.6B Exports: $32.9B Imports: $68.5BSeptember 2024 Trade balance: −$24.7B Exports: $34.1B Imports: $58.7BOctober 2024 Trade balance: −$26.2B Exports: $39.0B Imports: $65.2BNovember 2024 Trade balance: −$31.9B Exports: $31.9B Imports: $63.9BDecember 2024 Trade balance: −$20.6B Exports: $37.8B Imports: $58.4BJanuary 2025 Trade balance: −$23.4B Exports: $36.3B Imports: $59.8BFebruary 2025 Trade balance: −$14.4B Exports: $36.9B Imports: $51.3BMarch 2025 Trade balance: −$21.7B Exports: $42.0B Imports: $63.7BApril 2025 Trade balance: −$27.1B Exports: $38.2B Imports: $65.4BMay 2025 Trade balance: −$22.6B Exports: $38.3B Imports: $60.8BJune 2025 Trade balance: −$19.1B Exports: $35.0B Imports: $54.1BJuly 2025 Trade balance: −$27.9B Exports: $37.0B Imports: $64.9BAugust 2025 Trade balance: −$27.2B Exports: $34.7B Imports: $62.0BSeptember 2025 Trade balance: −$33.0B Exports: $36.1B Imports: $69.1BOctober 2025 Trade balance: −$42.6B Exports: $34.1B Imports: $76.7BNovember 2025 Trade balance: −$25.1B Exports: $37.8B Imports: $63.0BDecember 2025 Trade balance: −$26.2B Exports: $38.2B Imports: $64.4BJanuary 2026 Trade balance: −$35.2B Exports: $36.5B Imports: $71.7BFebruary 2026 Trade balance: −$27.3B Exports: $36.6B Imports: $63.9BMarch 2026 Trade balance: −$21.0B Exports: $38.9B Imports: $59.9BApril 2026 Trade balance: −$29.4B Exports: $42.5B Imports: $71.9BMay 2026 Trade balance: −$28.6B Exports: $44.8B Imports: $73.4BJune 2026 Trade balance: −$30.8B Exports: $40.0B Imports: $70.8BJuly 2026 Trade balance: −$31.9B Exports: $44.3B Imports: $76.2BAugust 2026 Trade balance: −$27.3B Exports: $43.7B Imports: $71.0B
  • Trade balance
  • Exports
  • Imports

Import bill

Imports of oil, gold and electronics

The three product groups that move India's import bill most: mineral fuels (HS 27), gold (HS 7108) and electrical and electronic goods (HS 85). Their values change with world prices as well as with the quantities bought.

For example: If the price of crude oil rises by a fifth and India buys the same number of barrels, the oil import bill also rises by about a fifth.

Includes provisional data

US$ billion

April 2023 Mineral fuels and oils (HS 27): $17.3B Electronics (HS 85): $5.7B Gold (HS 7108): $1.0BMay 2023 Mineral fuels and oils (HS 27): $20.2B Electronics (HS 85): $6.2B Gold (HS 7108): $3.7BJune 2023 Mineral fuels and oils (HS 27): $16.2B Electronics (HS 85): $5.9B Gold (HS 7108): $4.7BJuly 2023 Mineral fuels and oils (HS 27): $14.7B Electronics (HS 85): $6.9B Gold (HS 7108): $3.2BAugust 2023 Mineral fuels and oils (HS 27): $19.0B Electronics (HS 85): $7.1B Gold (HS 7108): $4.7BSeptember 2023 Mineral fuels and oils (HS 27): $16.5B Electronics (HS 85): $6.9B Gold (HS 7108): $3.9BOctober 2023 Mineral fuels and oils (HS 27): $19.6B Electronics (HS 85): $6.8B Gold (HS 7108): $6.5BNovember 2023 Mineral fuels and oils (HS 27): $18.4B Electronics (HS 85): $6.1B Gold (HS 7108): $3.3BDecember 2023 Mineral fuels and oils (HS 27): $18.5B Electronics (HS 85): $7.0B Gold (HS 7108): $2.8BJanuary 2024 Mineral fuels and oils (HS 27): $18.8B Electronics (HS 85): $7.4B Gold (HS 7108): $1.9BFebruary 2024 Mineral fuels and oils (HS 27): $20.3B Electronics (HS 85): $6.5B Gold (HS 7108): $5.4BMarch 2024 Mineral fuels and oils (HS 27): $19.7B Electronics (HS 85): $6.7B Gold (HS 7108): $1.4BApril 2024 Mineral fuels and oils (HS 27): $19.7B Electronics (HS 85): $6.2B Gold (HS 7108): $3.0BMay 2024 Mineral fuels and oils (HS 27): $23.4B Electronics (HS 85): $6.5B Gold (HS 7108): $2.9BJune 2024 Mineral fuels and oils (HS 27): $18.2B Electronics (HS 85): $6.6B Gold (HS 7108): $2.5BJuly 2024 Mineral fuels and oils (HS 27): $17.7B Electronics (HS 85): $7.8B Gold (HS 7108): $3.5BAugust 2024 Mineral fuels and oils (HS 27): $15.1B Electronics (HS 85): $7.9B Gold (HS 7108): $12.6BSeptember 2024 Mineral fuels and oils (HS 27): $17.4B Electronics (HS 85): $7.5B Gold (HS 7108): $4.6BOctober 2024 Mineral fuels and oils (HS 27): $21.4B Electronics (HS 85): $7.5B Gold (HS 7108): $4.9BNovember 2024 Mineral fuels and oils (HS 27): $18.4B Electronics (HS 85): $7.1B Gold (HS 7108): $9.8BDecember 2024 Mineral fuels and oils (HS 27): $15.6B Electronics (HS 85): $7.6B Gold (HS 7108): $4.7BJanuary 2025 Mineral fuels and oils (HS 27): $16.3B Electronics (HS 85): $8.7B Gold (HS 7108): $2.7BFebruary 2025 Mineral fuels and oils (HS 27): $14.0B Electronics (HS 85): $7.1B Gold (HS 7108): $2.3BMarch 2025 Mineral fuels and oils (HS 27): $21.3B Electronics (HS 85): $8.3B Gold (HS 7108): $4.5BApril 2025 Mineral fuels and oils (HS 27): $23.5B Electronics (HS 85): $8.5B Gold (HS 7108): $3.1BMay 2025 Mineral fuels and oils (HS 27): $17.5B Electronics (HS 85): $8.4B Gold (HS 7108): $2.5BJune 2025 Mineral fuels and oils (HS 27): $16.3B Electronics (HS 85): $7.6B Gold (HS 7108): $1.8BJuly 2025 Mineral fuels and oils (HS 27): $18.1B Electronics (HS 85): $8.7B Gold (HS 7108): $4.0BAugust 2025 Mineral fuels and oils (HS 27): $15.5B Electronics (HS 85): $8.7B Gold (HS 7108): $5.4BSeptember 2025 Mineral fuels and oils (HS 27): $16.1B Electronics (HS 85): $9.0B Gold (HS 7108): $9.6BOctober 2025 Mineral fuels and oils (HS 27): $17.2B Electronics (HS 85): $8.4B Gold (HS 7108): $14.7BNovember 2025 Mineral fuels and oils (HS 27): $16.5B Electronics (HS 85): $8.1B Gold (HS 7108): $4.0BDecember 2025 Mineral fuels and oils (HS 27): $16.7B Electronics (HS 85): $9.1B Gold (HS 7108): $4.1BJanuary 2026 Mineral fuels and oils (HS 27): $15.7B Electronics (HS 85): $9.2B Gold (HS 7108): $12.1BFebruary 2026 Mineral fuels and oils (HS 27): $15.3B Electronics (HS 85): $9.3B Gold (HS 7108): $7.4BMarch 2026 Mineral fuels and oils (HS 27): $14.9B Electronics (HS 85): $9.8B Gold (HS 7108): $3.1BApril 2026 Mineral fuels and oils (HS 27): $21.5B Electronics (HS 85): $10.6B Gold (HS 7108): $5.6BMay 2026 Mineral fuels and oils (HS 27): $25.8B Electronics (HS 85): $10.7B Gold (HS 7108): $3.4BJune 2026 Mineral fuels and oils (HS 27): $22.3B Electronics (HS 85): $11.4B Gold (HS 7108): $2.0BJuly 2026 Mineral fuels and oils (HS 27): $21.5B Electronics (HS 85): $12.3B Gold (HS 7108): $4.2BAugust 2026 Mineral fuels and oils (HS 27): $19.3B Electronics (HS 85): $11.7B Gold (HS 7108): $2.3B
  • Mineral fuels and oils (HS 27)
  • Electronics (HS 85)
  • Gold (HS 7108)

Partners

Trade balance with major partners, fiscal 2025-26

India's largest trading partners by total trade. A bar above zero is a partner India sells more to than it buys from; a bar below zero is one it buys more from. The final bar is the overall merchandise balance.

For example: If India exports $80 billion of goods to a country and imports $45 billion from it, that country's bar shows a surplus of $35 billion.

Includes provisional data
China −$112.1B
Russia −$50.9B
United Arab Emirates −$26.5B
Switzerland −$23.1B
Iraq −$21.6B
Saudi Arabia −$20.5B
Hong Kong −$16.2B
Indonesia −$15.8B
Japan −$15.4B
South Korea −$15.3B
Singapore −$12.4B
Germany −$8.0B
United Kingdom +$1.8B
Netherlands +$11.7B
United States +$33.9B

Products

Top import and export product groups, fiscal 2025-26

The ten largest product groups on each side of India's trade, classified by HS chapter, the international customs code for goods.

For example: HS chapter 27 covers mineral fuels such as crude oil, coal and gas; chapter 71 covers gold, silver, diamonds and jewellery.

Includes provisional data

Imports

Mineral fuels and oils (HS 27) $203.4B
Gems, jewellery and precious metals (HS 71) $109.4B
Electrical and electronic equipment (HS 85) $104.8B
Machinery (HS 84) $74.0B
Organic chemicals (HS 29) $25.4B
Plastics (HS 39) $22.2B
Edible oils and fats (HS 15) $19.8B
Iron and steel (HS 72) $15.8B
Optical, medical and measuring instruments (HS 90) $15.4B
Fertilisers (HS 31) $14.6B

Exports

Mineral fuels and oils (HS 27) $55.9B
Electrical and electronic equipment (HS 85) $54.0B
Machinery (HS 84) $36.6B
Gems, jewellery and precious metals (HS 71) $28.3B
Vehicles and parts (HS 87) $26.0B
Pharmaceuticals (HS 30) $25.1B
Organic chemicals (HS 29) $20.4B
Cereals (HS 10) $12.0B
Iron and steel articles (HS 73) $10.4B
Iron and steel (HS 72) $10.3B

Drill down

Merchandise trade by partner, line by line, fiscal 2025-26

Start from India's overall goods trade balance. Open a partner to see exports to it and imports from it, or switch to products to open exports and imports into their largest HS chapters. Every line is set beside the previous fiscal year.

For example: If the deficit with a partner widened from $85 billion to $99 billion, opening that partner shows whether imports rose, exports fell, or both.

Includes provisional data

India's merchandise trade deficit was $334.3B in fiscal year 2025-26, against a deficit of $283.5B in fiscal year 2024-25. Largest deficit: China (−$112.1B). Largest surplus: United States (+$33.9B).

  • All other partnersThe published total minus the lines above: rounding, or lines the source does not publish separately. −$43.8B −$23.3B −$20.5B change

Positive lines add to the line above and negative lines take from it; the lines of a level add up to that line, and any gap is shown as its own row. Exports are positive and imports negative, so a partner's line is India's balance with it. Customs data from DGCI&S differ slightly from the balance-of-payments goods figures, which adjust for coverage and timing.

4 · Buffers

External buffers: reserves, debt and the rupee

Reserves

Foreign exchange reserves and RBI's forward book

Month-end reserves by component. The net short forward position is dollars RBI has already agreed to sell on future dates, so that part of today's reserves is already committed.

For example: If reserves are $700 billion and RBI has contracted to deliver $50 billion over the coming year, about $650 billion would remain once those contracts settle, other things equal.

Includes provisional data

US$ billion

end-April 2019 Foreign currency assets: $391.0B Gold: $23.0B SDRs and IMF position: $4.8B RBI net forward position: −$7.6Bend-May 2019 Foreign currency assets: $394.1B Gold: $23.0B SDRs and IMF position: $4.8B RBI net forward position: −$7.4Bend-June 2019 Foreign currency assets: $400.7B Gold: $24.3B SDRs and IMF position: $4.8B RBI net forward position: −$3.2Bend-July 2019 Foreign currency assets: $398.2B Gold: $25.5B SDRs and IMF position: $5.1B RBI net forward position: $0.4Bend-August 2019 Foreign currency assets: $396.0B Gold: $27.3B SDRs and IMF position: $5.0B RBI net forward position: $1.7Bend-September 2019 Foreign currency assets: $402.0B Gold: $26.7B SDRs and IMF position: $5.0B RBI net forward position: $2.3Bend-October 2019 Foreign currency assets: $413.0B Gold: $27.0B SDRs and IMF position: $5.1B RBI net forward position: $2.4Bend-November 2019 Foreign currency assets: $419.4B Gold: $26.7B SDRs and IMF position: $5.1B RBI net forward position: $3.8Bend-December 2019 Foreign currency assets: $426.9B Gold: $27.8B SDRs and IMF position: $5.2B RBI net forward position: $8.1Bend-January 2020 Foreign currency assets: $437.2B Gold: $29.0B SDRs and IMF position: $5.1B RBI net forward position: $8.8Bend-February 2020 Foreign currency assets: $446.3B Gold: $29.9B SDRs and IMF position: $5.0B RBI net forward position: $7.7Bend-March 2020 Foreign currency assets: $442.2B Gold: $30.6B SDRs and IMF position: $5.0B RBI net forward position: $5.1Bend-April 2020 Foreign currency assets: $443.3B Gold: $32.3B SDRs and IMF position: $5.5B RBI net forward position: $8.3Bend-May 2020 Foreign currency assets: $455.1B Gold: $32.9B SDRs and IMF position: $5.6B RBI net forward position: $8.1Bend-June 2020 Foreign currency assets: $465.8B Gold: $33.9B SDRs and IMF position: $6.0B RBI net forward position: $12.5Bend-July 2020 Foreign currency assets: $490.8B Gold: $37.6B SDRs and IMF position: $6.1B RBI net forward position: $9.6Bend-August 2020 Foreign currency assets: $498.9B Gold: $37.8B SDRs and IMF position: $6.1B RBI net forward position: $19.4Bend-September 2020 Foreign currency assets: $502.2B Gold: $36.4B SDRs and IMF position: $6.1B RBI net forward position: $22.9Bend-October 2020 Foreign currency assets: $517.6B Gold: $36.5B SDRs and IMF position: $6.1B RBI net forward position: $22.6Bend-November 2020 Foreign currency assets: $533.5B Gold: $35.2B SDRs and IMF position: $6.2B RBI net forward position: $33.2Bend-December 2020 Foreign currency assets: $542.2B Gold: $37.0B SDRs and IMF position: $6.7B RBI net forward position: $45.1Bend-January 2021 Foreign currency assets: $547.2B Gold: $36.5B SDRs and IMF position: $6.7B RBI net forward position: $55.3Bend-February 2021 Foreign currency assets: $542.6B Gold: $35.4B SDRs and IMF position: $6.5B RBI net forward position: $81.2Bend-March 2021 Foreign currency assets: $536.7B Gold: $33.9B SDRs and IMF position: $6.4B RBI net forward position: $77.4Bend-April 2021 Foreign currency assets: $546.1B Gold: $35.5B SDRs and IMF position: $6.5B RBI net forward position: $64.9Bend-May 2021 Foreign currency assets: $554.1B Gold: $38.3B SDRs and IMF position: $6.5B RBI net forward position: $59.9Bend-June 2021 Foreign currency assets: $568.7B Gold: $35.7B SDRs and IMF position: $6.7B RBI net forward position: $49.6Bend-July 2021 Foreign currency assets: $575.8B Gold: $37.6B SDRs and IMF position: $6.7B RBI net forward position: $49.0Bend-August 2021 Foreign currency assets: $578.4B Gold: $37.7B SDRs and IMF position: $24.6B RBI net forward position: $49.6Bend-September 2021 Foreign currency assets: $573.6B Gold: $37.4B SDRs and IMF position: $24.4B RBI net forward position: $49.6Bend-October 2021 Foreign currency assets: $577.6B Gold: $38.3B SDRs and IMF position: $24.6B RBI net forward position: $49.1Bend-November 2021 Foreign currency assets: $574.9B Gold: $38.8B SDRs and IMF position: $24.3B RBI net forward position: $49.1Bend-December 2021 Foreign currency assets: $569.9B Gold: $39.4B SDRs and IMF position: $24.3B RBI net forward position: $49.1Bend-January 2022 Foreign currency assets: $566.7B Gold: $39.1B SDRs and IMF position: $24.2B RBI net forward position: $49.9Bend-February 2022 Foreign currency assets: $566.3B Gold: $41.3B SDRs and IMF position: $24.2B RBI net forward position: $49.1Bend-March 2022 Foreign currency assets: $540.7B Gold: $42.6B SDRs and IMF position: $24.0B RBI net forward position: $60.7Bend-April 2022 Foreign currency assets: $531.2B Gold: $42.1B SDRs and IMF position: $23.4B RBI net forward position: $53.7Bend-May 2022 Foreign currency assets: $538.7B Gold: $41.1B SDRs and IMF position: $23.4B RBI net forward position: $39.1Bend-June 2022 Foreign currency assets: $525.6B Gold: $40.4B SDRs and IMF position: $23.2B RBI net forward position: $20.7Bend-July 2022 Foreign currency assets: $511.5B Gold: $39.6B SDRs and IMF position: $23.1B RBI net forward position: $11.9Bend-August 2022 Foreign currency assets: $498.1B Gold: $39.6B SDRs and IMF position: $22.7B RBI net forward position: $10.0Bend-September 2022 Foreign currency assets: $472.8B Gold: $37.6B SDRs and IMF position: $22.3B RBI net forward position: $0.3Bend-October 2022 Foreign currency assets: $474.1B Gold: $37.5B SDRs and IMF position: $22.4B RBI net forward position: −$4.9Bend-November 2022 Foreign currency assets: $490.3B Gold: $39.9B SDRs and IMF position: $23.0B RBI net forward position: $3.4Bend-December 2022 Foreign currency assets: $498.0B Gold: $41.3B SDRs and IMF position: $23.4B RBI net forward position: $5.8Bend-January 2023 Foreign currency assets: $506.9B Gold: $43.8B SDRs and IMF position: $23.7B RBI net forward position: $16.6Bend-February 2023 Foreign currency assets: $497.9B Gold: $41.6B SDRs and IMF position: $23.2B RBI net forward position: $15.3Bend-March 2023 Foreign currency assets: $509.7B Gold: $45.2B SDRs and IMF position: $23.6B RBI net forward position: $23.6Bend-April 2023 Foreign currency assets: $520.9B Gold: $45.6B SDRs and IMF position: $23.6B RBI net forward position: $19.9Bend-May 2023 Foreign currency assets: $522.4B Gold: $45.0B SDRs and IMF position: $23.3B RBI net forward position: $19.3Bend-June 2023 Foreign currency assets: $528.0B Gold: $43.8B SDRs and IMF position: $23.2B RBI net forward position: $19.5Bend-July 2023 Foreign currency assets: $537.2B Gold: $45.1B SDRs and IMF position: $23.5B RBI net forward position: $19.5Bend-August 2023 Foreign currency assets: $529.9B Gold: $45.1B SDRs and IMF position: $23.3B RBI net forward position: $10.1Bend-September 2023 Foreign currency assets: $521.4B Gold: $43.3B SDRs and IMF position: $23.0B RBI net forward position: $4.6Bend-October 2023 Foreign currency assets: $519.3B Gold: $46.4B SDRs and IMF position: $22.7B RBI net forward position: −$14.6Bend-November 2023 Foreign currency assets: $533.4B Gold: $47.6B SDRs and IMF position: $23.2B RBI net forward position: −$11.9Bend-December 2023 Foreign currency assets: $551.2B Gold: $48.0B SDRs and IMF position: $23.3B RBI net forward position: $2.2Bend-January 2024 Foreign currency assets: $548.9B Gold: $48.0B SDRs and IMF position: $23.1B RBI net forward position: $10.0Bend-February 2024 Foreign currency assets: $554.2B Gold: $48.0B SDRs and IMF position: $23.0B RBI net forward position: $9.7Bend-March 2024 Foreign currency assets: $571.0B Gold: $52.7B SDRs and IMF position: $22.8B RBI net forward position: −$0.5Bend-April 2024 Foreign currency assets: $561.8B Gold: $55.9B SDRs and IMF position: $22.5B RBI net forward position: −$16.3Bend-May 2024 Foreign currency assets: $572.6B Gold: $56.5B SDRs and IMF position: $22.4B RBI net forward position: −$10.4Bend-June 2024 Foreign currency assets: $572.9B Gold: $56.5B SDRs and IMF position: $22.6B RBI net forward position: −$15.8Bend-July 2024 Foreign currency assets: $589.3B Gold: $58.5B SDRs and IMF position: $22.8B RBI net forward position: −$9.1Bend-August 2024 Foreign currency assets: $597.4B Gold: $61.7B SDRs and IMF position: $23.1B RBI net forward position: −$19.0Bend-September 2024 Foreign currency assets: $617.1B Gold: $65.7B SDRs and IMF position: $23.0B RBI net forward position: −$14.6Bend-October 2024 Foreign currency assets: $589.8B Gold: $69.8B SDRs and IMF position: $22.5B RBI net forward position: −$49.2Bend-November 2024 Foreign currency assets: $570.0B Gold: $67.2B SDRs and IMF position: $22.3B RBI net forward position: −$58.9Bend-December 2024 Foreign currency assets: $547.5B Gold: $66.1B SDRs and IMF position: $22.1B RBI net forward position: −$67.9Bend-January 2025 Foreign currency assets: $537.7B Gold: $70.9B SDRs and IMF position: $22.0B RBI net forward position: −$77.5Bend-February 2025 Foreign currency assets: $543.3B Gold: $73.3B SDRs and IMF position: $22.1B RBI net forward position: −$78.7Bend-March 2025 Foreign currency assets: $567.6B Gold: $78.2B SDRs and IMF position: $22.6B RBI net forward position: −$64.2Bend-April 2025 Foreign currency assets: $581.2B Gold: $84.1B SDRs and IMF position: $23.1B RBI net forward position: −$52.5Bend-May 2025 Foreign currency assets: $584.9B Gold: $83.4B SDRs and IMF position: $23.0B RBI net forward position: −$45.1Bend-June 2025 Foreign currency assets: $591.4B Gold: $83.3B SDRs and IMF position: $23.5B RBI net forward position: −$40.3Bend-July 2025 Foreign currency assets: $582.6B Gold: $84.1B SDRs and IMF position: $23.4B RBI net forward position: −$37.8Bend-August 2025 Foreign currency assets: $584.5B Gold: $87.3B SDRs and IMF position: $23.5B RBI net forward position: −$33.3Bend-September 2025 Foreign currency assets: $579.2B Gold: $97.5B SDRs and IMF position: $23.4B RBI net forward position: −$39.3Bend-October 2025 Foreign currency assets: $564.6B Gold: $101.7B SDRs and IMF position: $23.4B RBI net forward position: −$37.4Bend-November 2025 Foreign currency assets: $557.8B Gold: $106.7B SDRs and IMF position: $23.4B RBI net forward position: −$38.0Bend-December 2025 Foreign currency assets: $552.9B Gold: $111.3B SDRs and IMF position: $23.6B RBI net forward position: −$30.6Bend-January 2026 Foreign currency assets: $560.9B Gold: $126.9B SDRs and IMF position: $23.7B RBI net forward position: −$27.5Bend-February 2026 Foreign currency assets: $573.1B Gold: $131.6B SDRs and IMF position: $23.7B RBI net forward position: −$28.6Bend-March 2026 Foreign currency assets: $552.3B Gold: $115.4B SDRs and IMF position: $23.4B RBI net forward position: −$50.3Bend-April 2026 Foreign currency assets: $551.8B Gold: $115.2B SDRs and IMF position: $23.7B RBI net forward position: −$44.6Bend-May 2026 Foreign currency assets: $546.9B Gold: $115.8B SDRs and IMF position: $23.6B RBI net forward position: −$50.6Bend-June 2026 Foreign currency assets: $542.6B Gold: $102.6B SDRs and IMF position: $23.4B RBI net forward position: −$39.1Bend-July 2026 Foreign currency assets: $564.7B Gold: $104.7B SDRs and IMF position: $23.4B RBI net forward position: −$45.2Bend-August 2026 Foreign currency assets: $611.8B Gold: $116.3B SDRs and IMF position: $23.7B RBI net forward position: −$23.5B
  • Foreign currency assets
  • Gold
  • SDRs and IMF position
  • RBI net forward position

Latest weekly figure: $719.7B on 23 October 2026 (RBI Weekly Statistical Supplement). No rupee value is published for the weekly figure.

External debt

External debt ratios

Three end-March ratios from RBI's external-debt statistics: short-term debt as a share of reserves, reserves as a share of total external debt, and external debt as a share of GDP. Short-term debt is debt due within a year of being issued.

For example: If short-term debt is $130 billion and reserves are $650 billion, short-term debt is 20% of reserves: the reserves could repay it five times over.

Includes provisional data

Per cent, end-March

end-March 2006 Short-term debt, % of reserves: 12.9% Reserves, % of external debt: 109.0% External debt, % of GDP: 17.1%end-March 2007 Short-term debt, % of reserves: 14.1% Reserves, % of external debt: 115.6% External debt, % of GDP: 17.7%end-March 2008 Short-term debt, % of reserves: 14.8% Reserves, % of external debt: 138.0% External debt, % of GDP: 18.3%end-March 2009 Short-term debt, % of reserves: 17.2% Reserves, % of external debt: 112.2% External debt, % of GDP: 20.7%end-March 2010 Short-term debt, % of reserves: 18.8% Reserves, % of external debt: 106.9% External debt, % of GDP: 18.5%end-March 2011 Short-term debt, % of reserves: 21.3% Reserves, % of external debt: 95.9% External debt, % of GDP: 18.6%end-March 2012 Short-term debt, % of reserves: 26.6% Reserves, % of external debt: 81.6% External debt, % of GDP: 21.1%end-March 2013 Short-term debt, % of reserves: 33.1% Reserves, % of external debt: 71.3% External debt, % of GDP: 22.4%end-March 2014 Short-term debt, % of reserves: 30.1% Reserves, % of external debt: 68.2% External debt, % of GDP: 23.9%end-March 2015 Short-term debt, % of reserves: 25.0% Reserves, % of external debt: 72.0% External debt, % of GDP: 23.8%end-March 2016 Short-term debt, % of reserves: 23.2% Reserves, % of external debt: 74.3% External debt, % of GDP: 23.4%end-March 2017 Short-term debt, % of reserves: 23.8% Reserves, % of external debt: 78.5% External debt, % of GDP: 19.8%end-March 2018 Short-term debt, % of reserves: 24.1% Reserves, % of external debt: 80.2% External debt, % of GDP: 20.1%end-March 2019 Short-term debt, % of reserves: 26.3% Reserves, % of external debt: 76.0% External debt, % of GDP: 19.9%end-March 2020 Short-term debt, % of reserves: 22.4% Reserves, % of external debt: 85.6% External debt, % of GDP: 20.9%end-March 2021 Short-term debt, % of reserves: 17.5% Reserves, % of external debt: 100.6% External debt, % of GDP: 21.1%end-March 2022 Short-term debt, % of reserves: 20.0% Reserves, % of external debt: 98.1% External debt, % of GDP: 19.9%end-March 2023 Short-term debt, % of reserves: 22.2% Reserves, % of external debt: 92.7% External debt, % of GDP: 19.6%end-March 2024 Short-term debt, % of reserves: 19.7% Reserves, % of external debt: 96.6% External debt, % of GDP: 19.2%end-March 2025 Short-term debt, % of reserves: 20.1% Reserves, % of external debt: 90.8% External debt, % of GDP: 19.8%end-March 2026 Short-term debt, % of reserves: 21.6% Reserves, % of external debt: 90.6% External debt, % of GDP: 20.8%
  • Short-term debt, % of reserves
  • Reserves, % of external debt
  • External debt, % of GDP

Exchange rate

Rupee exchange rate: US dollar and trade-weighted

Rupees per US dollar (a higher line is a weaker rupee) and the BIS effective exchange rates, which measure the rupee against a basket of trading partners' currencies (a higher line is a stronger rupee; the real index also adjusts for inflation differences).

For example: A move from ₹83 to ₹85 per dollar is a weaker rupee: an imported item priced at $100 now costs ₹8,500 instead of ₹8,300.

Rupees per US dollar, monthly average

April 2019 Rupees per US dollar: ₹69.43May 2019 Rupees per US dollar: ₹69.77June 2019 Rupees per US dollar: ₹69.44July 2019 Rupees per US dollar: ₹68.81August 2019 Rupees per US dollar: ₹71.15September 2019 Rupees per US dollar: ₹71.33October 2019 Rupees per US dollar: ₹71.04November 2019 Rupees per US dollar: ₹71.45December 2019 Rupees per US dollar: ₹71.19January 2020 Rupees per US dollar: ₹71.31February 2020 Rupees per US dollar: ₹71.49March 2020 Rupees per US dollar: ₹74.35April 2020 Rupees per US dollar: ₹76.24May 2020 Rupees per US dollar: ₹75.66June 2020 Rupees per US dollar: ₹75.73July 2020 Rupees per US dollar: ₹74.99August 2020 Rupees per US dollar: ₹74.67September 2020 Rupees per US dollar: ₹73.48October 2020 Rupees per US dollar: ₹73.46November 2020 Rupees per US dollar: ₹74.22December 2020 Rupees per US dollar: ₹73.59January 2021 Rupees per US dollar: ₹73.11February 2021 Rupees per US dollar: ₹72.76March 2021 Rupees per US dollar: ₹72.79April 2021 Rupees per US dollar: ₹74.47May 2021 Rupees per US dollar: ₹73.27June 2021 Rupees per US dollar: ₹73.56July 2021 Rupees per US dollar: ₹74.53August 2021 Rupees per US dollar: ₹74.18September 2021 Rupees per US dollar: ₹73.56October 2021 Rupees per US dollar: ₹74.92November 2021 Rupees per US dollar: ₹74.50December 2021 Rupees per US dollar: ₹75.37January 2022 Rupees per US dollar: ₹74.44February 2022 Rupees per US dollar: ₹75.00March 2022 Rupees per US dollar: ₹76.24April 2022 Rupees per US dollar: ₹76.17May 2022 Rupees per US dollar: ₹77.32June 2022 Rupees per US dollar: ₹78.07July 2022 Rupees per US dollar: ₹79.60August 2022 Rupees per US dollar: ₹79.56September 2022 Rupees per US dollar: ₹80.23October 2022 Rupees per US dollar: ₹82.34November 2022 Rupees per US dollar: ₹81.81December 2022 Rupees per US dollar: ₹82.46January 2023 Rupees per US dollar: ₹81.90February 2023 Rupees per US dollar: ₹82.61March 2023 Rupees per US dollar: ₹82.29April 2023 Rupees per US dollar: ₹82.02May 2023 Rupees per US dollar: ₹82.34June 2023 Rupees per US dollar: ₹82.23July 2023 Rupees per US dollar: ₹82.15August 2023 Rupees per US dollar: ₹82.79September 2023 Rupees per US dollar: ₹83.05October 2023 Rupees per US dollar: ₹83.24November 2023 Rupees per US dollar: ₹83.30December 2023 Rupees per US dollar: ₹83.28January 2024 Rupees per US dollar: ₹83.12February 2024 Rupees per US dollar: ₹82.96March 2024 Rupees per US dollar: ₹83.00April 2024 Rupees per US dollar: ₹83.41May 2024 Rupees per US dollar: ₹83.39June 2024 Rupees per US dollar: ₹83.47July 2024 Rupees per US dollar: ₹83.59August 2024 Rupees per US dollar: ₹83.90September 2024 Rupees per US dollar: ₹83.81October 2024 Rupees per US dollar: ₹84.03November 2024 Rupees per US dollar: ₹84.36December 2024 Rupees per US dollar: ₹84.99January 2025 Rupees per US dollar: ₹86.27February 2025 Rupees per US dollar: ₹87.05March 2025 Rupees per US dollar: ₹86.64April 2025 Rupees per US dollar: ₹85.56May 2025 Rupees per US dollar: ₹85.19June 2025 Rupees per US dollar: ₹85.90July 2025 Rupees per US dollar: ₹86.11August 2025 Rupees per US dollar: ₹87.52September 2025 Rupees per US dollar: ₹88.32October 2025 Rupees per US dollar: ₹88.42November 2025 Rupees per US dollar: ₹88.83December 2025 Rupees per US dollar: ₹90.09January 2026 Rupees per US dollar: ₹90.80February 2026 Rupees per US dollar: ₹90.73March 2026 Rupees per US dollar: ₹92.76April 2026 Rupees per US dollar: ₹93.55May 2026 Rupees per US dollar: ₹95.60June 2026 Rupees per US dollar: ₹94.97July 2026 Rupees per US dollar: ₹95.82August 2026 Rupees per US dollar: ₹95.47September 2026 Rupees per US dollar: ₹95.46
  • Rupees per US dollar

Index, 2020 = 100 (higher = stronger rupee)

April 2019 Real effective (BIS, broad): 98.7 Nominal effective (BIS, broad): 105.6May 2019 Real effective (BIS, broad): 99.5 Nominal effective (BIS, broad): 106.1June 2019 Real effective (BIS, broad): 100.3 Nominal effective (BIS, broad): 106.3July 2019 Real effective (BIS, broad): 102.1 Nominal effective (BIS, broad): 107.2August 2019 Real effective (BIS, broad): 100.2 Nominal effective (BIS, broad): 105.0September 2019 Real effective (BIS, broad): 100.5 Nominal effective (BIS, broad): 105.0October 2019 Real effective (BIS, broad): 101.2 Nominal effective (BIS, broad): 105.2November 2019 Real effective (BIS, broad): 101.1 Nominal effective (BIS, broad): 104.1December 2019 Real effective (BIS, broad): 102.3 Nominal effective (BIS, broad): 104.2January 2020 Real effective (BIS, broad): 101.2 Nominal effective (BIS, broad): 103.5February 2020 Real effective (BIS, broad): 101.0 Nominal effective (BIS, broad): 104.5March 2020 Real effective (BIS, broad): 98.2 Nominal effective (BIS, broad): 101.4April 2020 Real effective (BIS, broad): 99.3 Nominal effective (BIS, broad): 100.2May 2020 Real effective (BIS, broad): 99.7 Nominal effective (BIS, broad): 100.7June 2020 Real effective (BIS, broad): 98.6 Nominal effective (BIS, broad): 99.2July 2020 Real effective (BIS, broad): 99.9 Nominal effective (BIS, broad): 99.5August 2020 Real effective (BIS, broad): 99.4 Nominal effective (BIS, broad): 98.6September 2020 Real effective (BIS, broad): 101.5 Nominal effective (BIS, broad): 99.7October 2020 Real effective (BIS, broad): 102.3 Nominal effective (BIS, broad): 99.2November 2020 Real effective (BIS, broad): 100.6 Nominal effective (BIS, broad): 97.1December 2020 Real effective (BIS, broad): 98.5 Nominal effective (BIS, broad): 96.5January 2021 Real effective (BIS, broad): 97.7 Nominal effective (BIS, broad): 96.7February 2021 Real effective (BIS, broad): 98.0 Nominal effective (BIS, broad): 97.2March 2021 Real effective (BIS, broad): 99.2 Nominal effective (BIS, broad): 98.5April 2021 Real effective (BIS, broad): 97.3 Nominal effective (BIS, broad): 96.1May 2021 Real effective (BIS, broad): 99.7 Nominal effective (BIS, broad): 96.9June 2021 Real effective (BIS, broad): 99.8 Nominal effective (BIS, broad): 96.6July 2021 Real effective (BIS, broad): 100.1 Nominal effective (BIS, broad): 96.5August 2021 Real effective (BIS, broad): 100.8 Nominal effective (BIS, broad): 97.2September 2021 Real effective (BIS, broad): 101.3 Nominal effective (BIS, broad): 97.8October 2021 Real effective (BIS, broad): 100.7 Nominal effective (BIS, broad): 96.5November 2021 Real effective (BIS, broad): 102.2 Nominal effective (BIS, broad): 97.6December 2021 Real effective (BIS, broad): 100.8 Nominal effective (BIS, broad): 96.9January 2022 Real effective (BIS, broad): 101.2 Nominal effective (BIS, broad): 97.9February 2022 Real effective (BIS, broad): 99.7 Nominal effective (BIS, broad): 97.2March 2022 Real effective (BIS, broad): 99.7 Nominal effective (BIS, broad): 97.3April 2022 Real effective (BIS, broad): 101.4 Nominal effective (BIS, broad): 98.1May 2022 Real effective (BIS, broad): 102.6 Nominal effective (BIS, broad): 98.8June 2022 Real effective (BIS, broad): 101.7 Nominal effective (BIS, broad): 98.1July 2022 Real effective (BIS, broad): 101.4 Nominal effective (BIS, broad): 97.9August 2022 Real effective (BIS, broad): 102.2 Nominal effective (BIS, broad): 98.2September 2022 Real effective (BIS, broad): 104.1 Nominal effective (BIS, broad): 100.0October 2022 Real effective (BIS, broad): 103.6 Nominal effective (BIS, broad): 99.1November 2022 Real effective (BIS, broad): 102.3 Nominal effective (BIS, broad): 98.0December 2022 Real effective (BIS, broad): 98.1 Nominal effective (BIS, broad): 94.6January 2023 Real effective (BIS, broad): 97.2 Nominal effective (BIS, broad): 93.6February 2023 Real effective (BIS, broad): 96.7 Nominal effective (BIS, broad): 93.5March 2023 Real effective (BIS, broad): 97.8 Nominal effective (BIS, broad): 94.5April 2023 Real effective (BIS, broad): 97.9 Nominal effective (BIS, broad): 94.3May 2023 Real effective (BIS, broad): 98.8 Nominal effective (BIS, broad): 94.6June 2023 Real effective (BIS, broad): 100.9 Nominal effective (BIS, broad): 95.8July 2023 Real effective (BIS, broad): 103.4 Nominal effective (BIS, broad): 95.6August 2023 Real effective (BIS, broad): 103.3 Nominal effective (BIS, broad): 96.1September 2023 Real effective (BIS, broad): 102.7 Nominal effective (BIS, broad): 96.9October 2023 Real effective (BIS, broad): 103.8 Nominal effective (BIS, broad): 97.4November 2023 Real effective (BIS, broad): 103.0 Nominal effective (BIS, broad): 95.9December 2023 Real effective (BIS, broad): 101.3 Nominal effective (BIS, broad): 94.9January 2024 Real effective (BIS, broad): 101.8 Nominal effective (BIS, broad): 95.4February 2024 Real effective (BIS, broad): 102.0 Nominal effective (BIS, broad): 96.3March 2024 Real effective (BIS, broad): 101.9 Nominal effective (BIS, broad): 96.2April 2024 Real effective (BIS, broad): 102.8 Nominal effective (BIS, broad): 96.8May 2024 Real effective (BIS, broad): 103.0 Nominal effective (BIS, broad): 96.5June 2024 Real effective (BIS, broad): 104.5 Nominal effective (BIS, broad): 96.7July 2024 Real effective (BIS, broad): 105.3 Nominal effective (BIS, broad): 96.4August 2024 Real effective (BIS, broad): 102.8 Nominal effective (BIS, broad): 94.4September 2024 Real effective (BIS, broad): 102.4 Nominal effective (BIS, broad): 93.5October 2024 Real effective (BIS, broad): 104.6 Nominal effective (BIS, broad): 94.3November 2024 Real effective (BIS, broad): 106.1 Nominal effective (BIS, broad): 95.6December 2024 Real effective (BIS, broad): 105.4 Nominal effective (BIS, broad): 95.8January 2025 Real effective (BIS, broad): 103.0 Nominal effective (BIS, broad): 95.0February 2025 Real effective (BIS, broad): 100.6 Nominal effective (BIS, broad): 93.4March 2025 Real effective (BIS, broad): 100.0 Nominal effective (BIS, broad): 92.9April 2025 Real effective (BIS, broad): 100.2 Nominal effective (BIS, broad): 93.0May 2025 Real effective (BIS, broad): 99.6 Nominal effective (BIS, broad): 92.2June 2025 Real effective (BIS, broad): 98.3 Nominal effective (BIS, broad): 90.6July 2025 Real effective (BIS, broad): 98.3 Nominal effective (BIS, broad): 90.1August 2025 Real effective (BIS, broad): 97.3 Nominal effective (BIS, broad): 89.0September 2025 Real effective (BIS, broad): 95.9 Nominal effective (BIS, broad): 87.9October 2025 Real effective (BIS, broad): 96.1 Nominal effective (BIS, broad): 88.2November 2025 Real effective (BIS, broad): 96.3 Nominal effective (BIS, broad): 88.1December 2025 Real effective (BIS, broad): 94.2 Nominal effective (BIS, broad): 86.3January 2026 Real effective (BIS, broad): 93.2 Nominal effective (BIS, broad): 85.0February 2026 Real effective (BIS, broad): 92.0 Nominal effective (BIS, broad): 84.5March 2026 Real effective (BIS, broad): 90.9 Nominal effective (BIS, broad): 83.5April 2026 Real effective (BIS, broad): 89.5 Nominal effective (BIS, broad): 82.4May 2026 Real effective (BIS, broad): 87.8 Nominal effective (BIS, broad): 80.4June 2026 Real effective (BIS, broad): 90.0 Nominal effective (BIS, broad): 81.5July 2026 Real effective (BIS, broad): 90.2 Nominal effective (BIS, broad): 81.1August 2026 Real effective (BIS, broad): 89.9 Nominal effective (BIS, broad): 80.6September 2026 Real effective (BIS, broad): 90.2 Nominal effective (BIS, broad): 80.5
  • Real effective (BIS, broad)
  • Nominal effective (BIS, broad)

Revisions

Revisions to RBI's first estimates

RBI publishes a preliminary quarter, then revises it in later releases. Each recent quarter's first published figure is set against the latest figure in this snapshot. A large revision is a reason to treat the newest quarter with care: for example, a first estimate of a $10 billion deficit later revised to $13 billion is a revision of $3 billion.

Current-account balance, US$ billion
Quarter First published Latest Revision % of GDP, first → as published
Q1 2026-27April–June 2026 −$4.2Brelease ↗ −$4.2B unchanged −0.5%
Q4 2025-26January–March 2026 +$7.1Brelease ↗ +$6.5B −$0.6B +0.7%
Q3 2025-26October–December 2025 −$13.2Brelease ↗ −$16.1B −$2.9B −1.3%
Q2 2025-26July–September 2025 −$12.3Brelease ↗ −$14.5B −$2.2B −1.3%
Q1 2025-26April–June 2025 −$2.4Brelease ↗ −$3.4B −$1.0B −0.2% → −0.4%
Q4 2024-25January–March 2025 +$13.5Brelease ↗ +$13.7B +$0.2B +1.3% → +1.4%
Q3 2024-25October–December 2024 −$11.5Brelease ↗ −$11.3B +$0.2B −1.1%
Q2 2024-25July–September 2024 −$11.2Brelease ↗ −$20.8B −$9.6B −1.2% → −2.2%

Largest current-account revisions since 2013

  • Q2 2024-25 first published at −$11.2B, now −$20.8B (−$9.6B).
  • Q1 2022-23 first published at −$23.9B, now −$17.9B (+$6.0B).
  • Q2 2022-23 first published at −$36.4B, now −$30.9B (+$5.5B).

First prints come from each quarter's own RBI release; latest figures come from RBI's current statements via the IMF balance-of-payments dataset. Ratios to GDP are shown as RBI published them. RBI does not republish a quarter's ratio after the level is revised.

External buffers & financing

External-sector red flags

Five fiscal-year screens built from the official series on this page. Pick a year to read them together. A crossed line marks a year for review; it is not a crisis forecast, and an uncrossed line is not a clean bill of health.

Current account balance

Line not reached

−0.6 % of GDP · fiscal 2025-26

Watch line ≤ −2.8 % of GDPResearch-based line: deeper than the 2.4–2.8% of GDP deficit an RBI working paper found sustainable. Red points mark years that reached it.

% of GDP

Fiscal 2012-13 · Watch line reached Current account balance: −4.7 Watch line reached: −4.7Fiscal 2013-14 · Watch line not reached Current account balance: −1.7 Watch line reached: not publishedFiscal 2014-15 · Watch line not reached Current account balance: −1.3 Watch line reached: not publishedFiscal 2015-16 · Watch line not reached Current account balance: −1.1 Watch line reached: not publishedFiscal 2016-17 · Watch line not reached Current account balance: −0.6 Watch line reached: not publishedFiscal 2017-18 · Watch line not reached Current account balance: −1.8 Watch line reached: not publishedFiscal 2018-19 · Watch line not reached Current account balance: −2.1 Watch line reached: not publishedFiscal 2019-20 · Watch line not reached Current account balance: −0.9 Watch line reached: not publishedFiscal 2020-21 · Watch line not reached Current account balance: 0.9 Watch line reached: not publishedFiscal 2021-22 · Watch line not reached Current account balance: −1.2 Watch line reached: not publishedFiscal 2022-23 · Watch line not reached Current account balance: −2 Watch line reached: not publishedFiscal 2023-24 · Watch line not reached Current account balance: −0.7 Watch line reached: not publishedFiscal 2024-25 · Watch line not reached Current account balance: −0.6 Watch line reached: not publishedFiscal 2025-26 · Watch line not reached Current account balance: −0.6 Watch line reached: not publishedWatch ≤ −2.8

The balance was within, or better than, the range RBI research judged sustainable.

Calculation and source rows

Formula: Current-account balance as a share of GDP, as published by RBI for the fiscal year

RBI Working Paper 16/2012 estimated that a deficit of 2.4–2.8% of GDP is sustainable over the medium term, given 6–8% growth and about 5% inflation. The line marks a deficit beyond that range. It is a review trigger, not a forecast. RBI WPS (DEPR) 16/2012 ↗

Inputs for 2025-26
InputValueSource
Current account balance, % of GDP2025-26 · observation 25d58dfb… −0.60% Reserve Bank of India, quarterly balance of payments release ↗Preliminary or partially revised
All years
Fiscal yearReadingAssessment
2025-26 −0.6 Watch line not reached
2024-25 −0.6 Watch line not reached
2023-24 −0.7 Watch line not reached
2022-23 −2 Watch line not reached
2021-22 −1.2 Watch line not reached
2020-21 0.9 Watch line not reached
2019-20 −0.9 Watch line not reached
2018-19 −2.1 Watch line not reached
2017-18 −1.8 Watch line not reached
2016-17 −0.6 Watch line not reached
2015-16 −1.1 Watch line not reached
2014-15 −1.3 Watch line not reached
2013-14 −1.7 Watch line not reached
2012-13 −4.7 Watch line reached
2011-12 — Unavailable — RBI has not published a ratio for this year
2010-11 — Unavailable — RBI has not published a ratio for this year
2009-10 — Unavailable — RBI has not published a ratio for this year
2008-09 — Unavailable — RBI has not published a ratio for this year
2007-08 — Unavailable — RBI has not published a ratio for this year
2006-07 — Unavailable — RBI has not published a ratio for this year
2005-06 — Unavailable — RBI has not published a ratio for this year
2000-01 — Unavailable — RBI has not published a ratio for this year
1995-96 — Unavailable — RBI has not published a ratio for this year
1990-91 — Unavailable — RBI has not published a ratio for this year

Reserve import cover

Line not reached

8.4 months · fiscal 2025-26

Watch line ≤ 3 monthsTraditional rule of thumb: reserves worth three months of imports. Red points mark years that reached it.

months

Fiscal 2012-13 · Watch line not reached Reserve import cover: 6.1 Watch line reached: not publishedFiscal 2013-14 · Watch line not reached Reserve import cover: 6.7 Watch line reached: not publishedFiscal 2014-15 · Watch line not reached Reserve import cover: 7.6 Watch line reached: not publishedFiscal 2015-16 · Watch line not reached Reserve import cover: 9 Watch line reached: not publishedFiscal 2016-17 · Watch line not reached Reserve import cover: 9.1 Watch line reached: not publishedFiscal 2017-18 · Watch line not reached Reserve import cover: 8.7 Watch line reached: not publishedFiscal 2018-19 · Watch line not reached Reserve import cover: 7.7 Watch line reached: not publishedFiscal 2019-20 · Watch line not reached Reserve import cover: 9.5 Watch line reached: not publishedFiscal 2020-21 · Watch line not reached Reserve import cover: 13.4 Watch line reached: not publishedFiscal 2021-22 · Watch line not reached Reserve import cover: 9.5 Watch line reached: not publishedFiscal 2022-23 · Watch line not reached Reserve import cover: 7.7 Watch line reached: not publishedFiscal 2023-24 · Watch line not reached Reserve import cover: 9 Watch line reached: not publishedFiscal 2024-25 · Watch line not reached Reserve import cover: 8.6 Watch line reached: not publishedFiscal 2025-26 · Watch line not reached Reserve import cover: 8.4 Watch line reached: not publishedWatch ≤ 3

Reserves covered more than three months of imports. Debt repayments and capital flight still matter.

Calculation and source rows

Formula: 12 × end-March reserves ÷ fiscal-year imports of goods and services

Uses that year's actual import bill, not projected imports, and ignores debt and capital flows. It is not the IMF's full reserve-adequacy assessment. IMF, assessing reserve adequacy ↗

Inputs for 2025-26
InputValueSource
Foreign exchange reserves, end-MarchEnd-Mar 2026 · observation f74042bb… $691.11B Reserve Bank of India, via IMF reserves template (IRFCL) ↗Revised (final)
Goods and services imports2025-26 · observation acfd701f… $988.12B Reserve Bank of India, via IMF Balance of Payments (BOP) statistics ↗Preliminary or partially revised
All years
Fiscal yearReadingAssessment
2025-26 8.4 Watch line not reached
2024-25 8.6 Watch line not reached
2023-24 9 Watch line not reached
2022-23 7.7 Watch line not reached
2021-22 9.5 Watch line not reached
2020-21 13.4 Watch line not reached
2019-20 9.5 Watch line not reached
2018-19 7.7 Watch line not reached
2017-18 8.7 Watch line not reached
2016-17 9.1 Watch line not reached
2015-16 9 Watch line not reached
2014-15 7.6 Watch line not reached
2013-14 6.7 Watch line not reached
2012-13 6.1 Watch line not reached
2011-12 — Unavailable — no end-March reserves figure
2010-11 — Unavailable — no end-March reserves figure
2009-10 — Unavailable — no end-March reserves figure
2008-09 — Unavailable — no end-March reserves figure
2007-08 — Unavailable — no end-March reserves figure
2006-07 — Unavailable — no end-March reserves figure
2005-06 — Unavailable — no end-March reserves figure
2000-01 — Unavailable — no end-March reserves figure
1995-96 — Unavailable — no end-March reserves figure
1990-91 — Unavailable — no end-March reserves figure

Short-term external debt

Line not reached

21.6 % of reserves · fiscal 2025-26

Watch line ≥ 100 % of reservesGreenspan–Guidotti rule: reserves should cover debt falling due within a year. Red points mark years that reached it.

% of reserves

Fiscal 1990-91 · Watch line reached Short-term external debt: 146.5 Watch line reached: 146.5Fiscal 1991-92 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 1992-93 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 1993-94 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 1994-95 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 1995-96 · Watch line not reached Short-term external debt: 23.2 Watch line reached: not publishedFiscal 1996-97 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 1997-98 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 1998-99 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 1999-00 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 2000-01 · Watch line not reached Short-term external debt: 8.6 Watch line reached: not publishedFiscal 2001-02 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 2002-03 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 2003-04 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 2004-05 · not published Short-term external debt: not published Watch line reached: not publishedFiscal 2005-06 · Watch line not reached Short-term external debt: 12.9 Watch line reached: not publishedFiscal 2006-07 · Watch line not reached Short-term external debt: 14.1 Watch line reached: not publishedFiscal 2007-08 · Watch line not reached Short-term external debt: 14.8 Watch line reached: not publishedFiscal 2008-09 · Watch line not reached Short-term external debt: 17.2 Watch line reached: not publishedFiscal 2009-10 · Watch line not reached Short-term external debt: 18.8 Watch line reached: not publishedFiscal 2010-11 · Watch line not reached Short-term external debt: 21.3 Watch line reached: not publishedFiscal 2011-12 · Watch line not reached Short-term external debt: 26.6 Watch line reached: not publishedFiscal 2012-13 · Watch line not reached Short-term external debt: 33.1 Watch line reached: not publishedFiscal 2013-14 · Watch line not reached Short-term external debt: 30.1 Watch line reached: not publishedFiscal 2014-15 · Watch line not reached Short-term external debt: 25 Watch line reached: not publishedFiscal 2015-16 · Watch line not reached Short-term external debt: 23.2 Watch line reached: not publishedFiscal 2016-17 · Watch line not reached Short-term external debt: 23.8 Watch line reached: not publishedFiscal 2017-18 · Watch line not reached Short-term external debt: 24.1 Watch line reached: not publishedFiscal 2018-19 · Watch line not reached Short-term external debt: 26.3 Watch line reached: not publishedFiscal 2019-20 · Watch line not reached Short-term external debt: 22.4 Watch line reached: not publishedFiscal 2020-21 · Watch line not reached Short-term external debt: 17.5 Watch line reached: not publishedFiscal 2021-22 · Watch line not reached Short-term external debt: 20 Watch line reached: not publishedFiscal 2022-23 · Watch line not reached Short-term external debt: 22.2 Watch line reached: not publishedFiscal 2023-24 · Watch line not reached Short-term external debt: 19.7 Watch line reached: not publishedFiscal 2024-25 · Watch line not reached Short-term external debt: 20.1 Watch line reached: not publishedFiscal 2025-26 · Watch line not reached Short-term external debt: 21.6 Watch line reached: not publishedWatch ≥ 100

Reserves exceeded short-term debt by original maturity. The residual-maturity figure, shown in the inputs where RBI publishes it, is higher.

Calculation and source rows

Formula: Short-term external debt by original maturity ÷ foreign exchange reserves, end-March (RBI)

The rule is defined on residual maturity, which RBI publishes only for the latest two years; the long history here uses original maturity, which understates what falls due. In 1991 the ratio was 146.5%. IMF, assessing reserve adequacy ↗

Inputs for 2025-26
InputValueSource
Short-term debt (original maturity), % of reservesEnd-Mar 2026 · observation 5bba92c9… 21.60% Reserve Bank of India, India's external debt release ↗Preliminary or partially revised
Short-term debt by residual maturity, % of reservesEnd-Mar 2026 · observation 95612f70… 47.30% Reserve Bank of India, India's external debt release ↗Preliminary or partially revised
All years
Fiscal yearReadingAssessment
2025-26 21.6 Watch line not reached
2024-25 20.1 Watch line not reached
2023-24 19.7 Watch line not reached
2022-23 22.2 Watch line not reached
2021-22 20 Watch line not reached
2020-21 17.5 Watch line not reached
2019-20 22.4 Watch line not reached
2018-19 26.3 Watch line not reached
2017-18 24.1 Watch line not reached
2016-17 23.8 Watch line not reached
2015-16 23.2 Watch line not reached
2014-15 25 Watch line not reached
2013-14 30.1 Watch line not reached
2012-13 33.1 Watch line not reached
2011-12 26.6 Watch line not reached
2010-11 21.3 Watch line not reached
2009-10 18.8 Watch line not reached
2008-09 17.2 Watch line not reached
2007-08 14.8 Watch line not reached
2006-07 14.1 Watch line not reached
2005-06 12.9 Watch line not reached
2000-01 8.6 Watch line not reached
1995-96 23.2 Watch line not reached
1990-91 146.5 Watch line reached

Net FDI relative to the current-account deficit

Watch line reached

24.5 % of deficit · fiscal 2025-26

Watch line ≤ 100 % of deficitExalytics editorial line: net FDI no larger than the deficit. Red points mark years that reached it.

% of deficit

Fiscal 2012-13 · Watch line reached Net FDI relative to the current-account deficit: 22.6 Watch line reached: 22.6Fiscal 2013-14 · Watch line reached Net FDI relative to the current-account deficit: 66.9 Watch line reached: 66.9Fiscal 2014-15 · Watch line not reached Net FDI relative to the current-account deficit: 116.7 Watch line reached: not publishedFiscal 2015-16 · Watch line not reached Net FDI relative to the current-account deficit: 163.1 Watch line reached: not publishedFiscal 2016-17 · Watch line not reached Net FDI relative to the current-account deficit: 248.2 Watch line reached: not publishedFiscal 2017-18 · Watch line reached Net FDI relative to the current-account deficit: 62.2 Watch line reached: 62.2Fiscal 2018-19 · Watch line reached Net FDI relative to the current-account deficit: 53.7 Watch line reached: 53.7Fiscal 2019-20 · Watch line not reached Net FDI relative to the current-account deficit: 175.2 Watch line reached: not publishedFiscal 2020-21 · Not applicable — current account in surplus Net FDI relative to the current-account deficit: not published Watch line reached: not publishedFiscal 2021-22 · Watch line reached Net FDI relative to the current-account deficit: 99.7 Watch line reached: 99.7Fiscal 2022-23 · Watch line reached Net FDI relative to the current-account deficit: 41.8 Watch line reached: 41.8Fiscal 2023-24 · Watch line reached Net FDI relative to the current-account deficit: 39 Watch line reached: 39Fiscal 2024-25 · Watch line reached Net FDI relative to the current-account deficit: 4.2 Watch line reached: 4.2Fiscal 2025-26 · Watch line reached Net FDI relative to the current-account deficit: 24.5 Watch line reached: 24.5Watch ≤ 100

Net FDI covered no more than the deficit, so the rest leaned on portfolio, loan and deposit flows.

Calculation and source rows

Formula: 100 × net foreign direct investment ÷ absolute current-account deficit, fiscal year

Net FDI is investment into India net of repatriation, minus investment abroad by Indian firms. Below the line, the deficit leans on portfolio, loan and deposit flows, which can reverse faster. Not applicable in surplus years. RBI balance of payments release ↗

Inputs for 2025-26
InputValueSource
Current account balance2025-26 · observation ae0217cb… −$27.39B Reserve Bank of India, via IMF Balance of Payments (BOP) statistics ↗Preliminary or partially revised
Net foreign direct investment2025-26 · observation f416dd0f… $6.71B Reserve Bank of India, via IMF Balance of Payments (BOP) statistics ↗Preliminary or partially revised
All years
Fiscal yearReadingAssessment
2025-26 24.5 Watch line reached
2024-25 4.2 Watch line reached
2023-24 39 Watch line reached
2022-23 41.8 Watch line reached
2021-22 99.7 Watch line reached
2020-21 — Not applicable — current account in surplus
2019-20 175.2 Watch line not reached
2018-19 53.7 Watch line reached
2017-18 62.2 Watch line reached
2016-17 248.2 Watch line not reached
2015-16 163.1 Watch line not reached
2014-15 116.7 Watch line not reached
2013-14 66.9 Watch line reached
2012-13 22.6 Watch line reached
2011-12 — Unavailable — no current-account total for the year
2010-11 — Unavailable — no current-account total for the year
2009-10 — Unavailable — no current-account total for the year
2008-09 — Unavailable — no current-account total for the year
2007-08 — Unavailable — no current-account total for the year
2006-07 — Unavailable — no current-account total for the year
2005-06 — Unavailable — no current-account total for the year
2000-01 — Unavailable — no current-account total for the year
1995-96 — Unavailable — no current-account total for the year
1990-91 — Unavailable — no current-account total for the year

Change in foreign exchange reserves

Line not reached

3.4 % year on year · fiscal 2025-26

Watch line ≤ −10 % year on yearExalytics editorial line: reserves down a tenth or more in a year. Red points mark years that reached it.

% year on year

Fiscal 2013-14 · Watch line not reached Change in foreign exchange reserves: 4.2 Watch line reached: not publishedFiscal 2014-15 · Watch line not reached Change in foreign exchange reserves: 12.3 Watch line reached: not publishedFiscal 2015-16 · Watch line not reached Change in foreign exchange reserves: 5.4 Watch line reached: not publishedFiscal 2016-17 · Watch line not reached Change in foreign exchange reserves: 2.7 Watch line reached: not publishedFiscal 2017-18 · Watch line not reached Change in foreign exchange reserves: 14.8 Watch line reached: not publishedFiscal 2018-19 · Watch line not reached Change in foreign exchange reserves: −2.8 Watch line reached: not publishedFiscal 2019-20 · Watch line not reached Change in foreign exchange reserves: 15.7 Watch line reached: not publishedFiscal 2020-21 · Watch line not reached Change in foreign exchange reserves: 20.8 Watch line reached: not publishedFiscal 2021-22 · Watch line not reached Change in foreign exchange reserves: 5.3 Watch line reached: not publishedFiscal 2022-23 · Watch line not reached Change in foreign exchange reserves: −4.8 Watch line reached: not publishedFiscal 2023-24 · Watch line not reached Change in foreign exchange reserves: 11.8 Watch line reached: not publishedFiscal 2024-25 · Watch line not reached Change in foreign exchange reserves: 3.4 Watch line reached: not publishedFiscal 2025-26 · Watch line not reached Change in foreign exchange reserves: 3.4 Watch line reached: not publishedWatch ≤ −10

Reserves did not fall by a tenth or more over the year.

Calculation and source rows

Formula: 100 × (end-March reserves ÷ previous end-March reserves − 1)

Stock changes include valuation effects from gold prices and exchange rates, so they are not a measure of RBI intervention. RBI balance of payments release ↗

Inputs for 2025-26
InputValueSource
Reserves, previous end-MarchEnd-Mar 2025 · observation 0a419d5f… $668.33B Reserve Bank of India, via IMF reserves template (IRFCL) ↗Revised (final)
Reserves, end-MarchEnd-Mar 2026 · observation f74042bb… $691.11B Reserve Bank of India, via IMF reserves template (IRFCL) ↗Revised (final)
All years
Fiscal yearReadingAssessment
2025-26 3.4 Watch line not reached
2024-25 3.4 Watch line not reached
2023-24 11.8 Watch line not reached
2022-23 −4.8 Watch line not reached
2021-22 5.3 Watch line not reached
2020-21 20.8 Watch line not reached
2019-20 15.7 Watch line not reached
2018-19 −2.8 Watch line not reached
2017-18 14.8 Watch line not reached
2016-17 2.7 Watch line not reached
2015-16 5.4 Watch line not reached
2014-15 12.3 Watch line not reached
2013-14 4.2 Watch line not reached
2012-13 — Unavailable — reserves for both end-Marches are needed
2011-12 — Unavailable — reserves for both end-Marches are needed
2010-11 — Unavailable — reserves for both end-Marches are needed
2009-10 — Unavailable — reserves for both end-Marches are needed
2008-09 — Unavailable — reserves for both end-Marches are needed
2007-08 — Unavailable — reserves for both end-Marches are needed
2006-07 — Unavailable — reserves for both end-Marches are needed
2005-06 — Unavailable — reserves for both end-Marches are needed
2000-01 — Unavailable — reserves for both end-Marches are needed
1995-96 — Unavailable — reserves for both end-Marches are needed
1990-91 — Unavailable — reserves for both end-Marches are needed

Screens use only published observations from snapshot india-bop-2026-27q1-20261031-18175ee6, loaded 1 Nov 2026. The page's period and currency filters do not change them. Ratios to GDP are as RBI published them.

Next releases

Release calendar and sources

  1. RBI monthly balance of payments Sep 2026 · RBI: released by the 15th day, or earlier, of the second month after the reference month.Reserve Bank of India, monthly balance of payments release ↗
  2. RBI quarterly balance of payments July–September 2026 · Quarterly BoP with revised earlier quarters.Reserve Bank of India, SDDS Advance Release Calendar ↗
  3. RBI quarterly balance of payments October–December 2026 · Quarterly BoP with revised earlier quarters.Reserve Bank of India, SDDS Advance Release Calendar ↗
  4. RBI quarterly balance of payments January–March 2027 · Quarterly BoP with revised earlier quarters.Reserve Bank of India, SDDS Advance Release Calendar ↗

Sources

Publishers in this snapshot

Methodology and definitions

Figure selection

Levels are RBI's latest revision, read from the IMF balance-of-payments dataset that holds RBI's current statements. Ratios to GDP are exactly as RBI printed them, with the release date in each tooltip; when a level is revised later, RBI does not reprint the ratio, and the tooltip says so. First estimates are kept separately in the Revisions table.

Signs and definitions

Current-account items are receipts minus payments. Capital flows follow RBI's convention: positive means a net inflow. Net FDI is investment into India net of repatriation, minus investment abroad by Indian firms, which is why it is far smaller than the "FDI inflows" figure some databases report. The change in reserves is on a transactions basis: gold-price and exchange-rate valuation are excluded.

Periods

Quarters and years are India's fiscal (April–March) periods: Q1 2026-27 is April–June 2026. Merchandise trade is monthly from DGCI&S; reserves are weekly from RBI and month-end from RBI's reserves template; external debt is at end-March.

Rupee values

RBI and IMF publish these series in US dollars. Rupee figures for flows are converted at each period's average rate (IMF exchange-rate data) and stocks at the period-end rate; fiscal years sum their quarters. DGCI&S trade values are published in both currencies and shown as reported. The weekly reserves figure has no published rupee value.

Not included yet

Services by category are quarterly, not monthly. There is no seasonal adjustment. The IMF's reserve-adequacy metric is not shown because it needs inputs RBI does not publish.

Snapshot

Dataset india-bop-2026-27q1-20261031-18175ee6, refresh 773e76c9-a686-541d-89e1-aeeb0f8e1eb3, published 1 Nov 2026, loaded into the database 1 Nov 2026. Download the full snapshot as CSV or JSON.

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