India • External buffers
India — Forex Reserves
Last update: 01 Nov 2026
India's foreign-exchange reserves stood at US$719.7 billion on 23 October 2026, down US$1.3 billion in the week and up US$24.4 billion from 24 October 2025. In July 2026, the latest month it has reported, the Reserve Bank bought a net US$18.7 billion of US dollars in the market.
Foreign portfolio investors sold a net US$6.1 billion of Indian shares and bonds in September 2026, NSDL's figures show. In April–June 2026, the latest quarter with a full balance-of-payments split, the published stock fell by US$22.5 billion. Transactions were a fall of US$8.1 billion and valuation and other changes were a fall of US$14.4 billion. That quarter's balance of payments showed a current-account deficit of US$4.2 billion and a net capital outflow of US$5.5 billion. The largest of those lines was financial derivatives, an outflow of US$9.9 billion. At end-August 2026, the Reserve Bank's forward book was short US$23.5 billion of US dollars, so reserves after that commitment stood at US$728.3 billion. Transactions and valuation in this snapshot run through April–June 2026; the weekly figure is later. Import cover in April–June 2026 was 7.4 months of goods and services imports.
Part of the research India's monetary policy stance and reserves, which sets the change in the policy rate beside these transactions and the valuation of the stock.
- Weekly reserves 23 Oct 2026 RBI
- FPI flows Week to 30 Oct 2026 NSDL
- RBI dollar sales Jul 2026 RBI
- Balance of payments Q1 2026-27 RBI (via IMF)
$719.7B
In the week: −$1.3BA year earlier: $695.4B
23 October 2026 · RBI
Foreign currency assets
ProvisionalGold
ProvisionalNet forward position
ProvisionalImport cover
EstimatedFeatured
Foreign-exchange reserves, every week
The total of India's official reserve assets: foreign currency, gold, SDRs and the reserve position in the IMF, as RBI publishes it every Friday.
For example: If RBI sells $10 billion to banks in a week to steady the rupee, the next Friday's figure is about $10 billion lower.
US$ billion
23 Oct 2026: $719.7B, up $24.4B since 24 Oct 2025. That is $66.0B below the high of $785.7B on 4 Sep 2026.
1 · Period ledger
Reserves and the rupee over the selected period
The selected period set against the same span a year earlier: foreign portfolio investors' sales on the exchanges and the share that left India, each balance-of-payments line, and the rupee over both spans. The period filter sets the span. The balance of payments is quarterly, so it uses the quarters that end inside the period (Oct 2025–Jun 2026); the trades and the rupee use the period's whole months.
Period summary
Transactions took $25.3B from reserves in October 2025–June 2026; in October 2024–June 2025 they took $24.4B: a swing of $0.9B for the worse.
Five lines changed: deposits, loans and trade credit flipped from −$0.8B to +$31.5B, the current-account deficit widened from $1.0B to $13.8B, and other capital, capital account and errors fell to $0.0B from +$8.3B, with smaller changes in foreign portfolio investors, and financial derivatives.
Together they moved reserves by −$3.6B against the comparison; all other lines together by +$2.6B.
Direct investment (FDI) barely moved.
The rupee's dollar value fell 7.0% between end-September 2025 and end-August 2026 (₹88.79 to ₹95.45 per dollar), against a fall of 4.6% between end-September 2024 and end-August 2025 (₹83.79 to ₹87.85).
Balance of payments
Balance of payments by line: Oct 2025–Jun 2026 against Oct 2024–Jun 2025
Every flow that added to or took from the reserves over the selected quarters, beside the same quarters a year earlier. Both spans are drawn on one scale, so a line that flipped or doubled stands out. The rows add up to the change in reserves from transactions.
For example: If the current-account deficit is much the same in both spans but portfolio money went from $45 billion coming in to $27 billion going out, the portfolio line is where the drawdown came from.
Includes estimates
- Current account −$1.0B −$13.8B −$12.8B
- Foreign portfolio investors −$15.6B −$23.3B −$7.7B
- Financial derivatives −$18.1B −$25.2B −$7.1B
- Direct investment (FDI) +$2.8B +$5.4B +$2.6B
- Deposits, loans and trade credit −$0.8B +$31.5B +$32.3B
- Other capital, capital account and errors +$8.3B $0.0B −$8.3B
- Reserves: added (+) or paid out (−) −$24.4B −$25.3B −$0.9B
Positive adds to reserves, negative takes from them; the current account is negative when India paid out more than it earned. Each figure is the sum of the published quarterly balance-of-payments observations (compiled by RBI, via the IMF); a line missing any quarter is blank. The comparison is the same quarters a year earlier, so seasons line up and the two spans never overlap. Price changes in gold and other currencies move the published stock as well; the bridge below adds them.
Exchange sales and net outflow
Foreign portfolio sales, reinvestment and net outflow, Oct 2025–Sep 2026
Foreign portfolio investors' gross sales of shares on the exchanges over the whole months of the selected period, and the part reinvested in Indian securities: shares bought back, new issues, bonds, REITs and fund units. The remainder is the upper bound on the money that could have left India. Small figures are the amount per 100 sold.
For example: If they sold ₹10 lakh crore of shares and bought ₹9.5 lakh crore back, only ₹50,000 crore, ₹5 of every ₹100 sold, was free to leave India.
Sold on the exchanges$100.0 of every $100 sold
+$455.3B
Bought back on the exchanges$91.6 of every $100 sold
−$416.9B
Bought new issues and other deals off the exchanges$2.0 of every $100 sold
−$9.3B
Moved into bonds$1.6 of every $100 sold
−$7.3B
Taken out of REITs, InvITs, mutual funds and AIFs$0.0 of every $100 sold
+$0.2B
Left India, net$4.8 of every $100 sold
+$22.0B
Between October 2025 and September 2026 foreign portfolio investors sold $455.3B of Indian shares on the exchanges and bought back $416.9B. They put $9.3B into new issues and other deals off the exchanges, put $7.3B into bonds, and took $0.2B out of REITs, InvITs, mutual funds and AIFs. $22.0B left India through these routes, net: $4.8 of every $100 sold. Between October 2024 and September 2025 they sold $471.4B of Indian shares on the exchanges and bought back $430.2B. They put $11.6B into new issues and other deals off the exchanges, put $6.8B into bonds, and took $0.1B out of REITs, InvITs, mutual funds and AIFs. $22.8B left India through these routes, net: $4.8 of every $100 sold.
A sale only takes money out of India if the proceeds are not used to buy another Indian security. Even the net can sit in rupee accounts before it is converted; the balance of payments in the ledger is the count of what crossed the border.
The rupee
Rupees per US dollar, Sep 2025 to Aug 2026, against a year earlier
Rupees per US dollar at each month-end over the selected period, with the same months of the comparison span drawn on the same scale. A higher line is a weaker rupee.
For example: If a dollar cost ₹85.6 at the start and ₹94.6 at the end, a rupee buys 9.5% fewer dollars than it did.
Includes provisional data
rupees per US dollar
- End-Sep 2024 to End-Aug 2025 (comparison)
- End-Sep 2025 to End-Aug 2026
The rupee's dollar value fell 7.0% between end-September 2025 and end-August 2026 (₹88.79 to ₹95.45 per dollar), against a fall of 4.6% between end-September 2024 and end-August 2025 (₹83.79 to ₹87.85).
Month-end rates are the IMF's end-of-period rates, the ones this snapshot converts its month-end stocks at. The weekly FBIL reference rate, more recent, is in section 6.
2 · Drivers of the change
Change in reserves by balance-of-payments line
Reserves rise when more money enters India than leaves, and fall when the reverse holds. Select the quarters, then open any line to see its components; the ledger above follows the period filter instead. The balance of payments is published quarterly, about three months after the quarter ends, so the weekly and monthly charts above and below are more recent.
Drill down
Contributions to the change in reserves, by line
Start from the change in reserves and open any line to see its components. Inflows to India add to reserves; outflows subtract from them. Switch to “Against a year earlier” to see which lines changed most, which is where a rise or a fall originated.
For example: If reserves fell $8 billion and foreign portfolio investors took out $14 billion of shares, opening “Foreign money into India” shows the shares line at −$14 billion. Against a year earlier it shows how much worse that was than the same quarter last year.
Reserves fell by $22.5B in April–June 2026, against a rise of $29.8B in April–June 2025. The largest drain was price changes: gold and other currencies (−$14.4B).
Positive lines add to reserves and negative lines take from them; the lines add up to the line above. Transactions are the IMF balance-of-payments series compiled by RBI. Valuation is the published change in the stock minus those transactions.
Reconciliation
Reconciliation of flows and valuation to the change in reserves, April–June 2026
Each bar moves the running total: first every flow of money in and out, which add up to what RBI bought or sold; then the price effects on what it already held, which give the change in the published stock.
For example: A $70 billion goods deficit, $50 billion from services and remittances and $12 billion of foreign investment take reserves down by $8 billion; a higher gold price then adds $3 billion.
Includes estimates
Goods trade (exports − imports)
−$86.1B
Services (exports − imports)
+$51.6B
Investment income, net
−$10.5B
Remittances and transfers, net
+$40.8B
Foreign money into India, net
+$53.0B
Indian money going abroad, net
−$58.7B
Capital account, errors and omissions
+$1.9B
Bought and sold: transactions
−$8.1B
Gold price
−$12.8B
Other currencies and bond prices (estimated)
−$1.6B
Change in reserves
−$22.5B
3 · Balance of payments
Current account, capital flows and the change in reserves
Current account and capital
Current-account balance, net capital inflows and the change in reserves
The current account is India's earnings from the rest of the world minus its payments: trade, investment income and remittances. Net capital inflows are foreign money entering India minus Indian money leaving. The sum of the two, plus the statistical discrepancy, equals the change in reserves.
For example: A current-account deficit of $10 billion with $14 billion of net capital inflows adds $4 billion to reserves; with $6 billion of inflows, reserves lose $4 billion.
Includes provisional data
US$ billion
- Current account
- Net capital inflows
- Errors and omissions
- Change in reserves from transactions
How to read it: in April–June 2026 India ran a current-account deficit of $4.2B (it paid out more than it earned on trade, income and remittances) and capital flowed out, net, by $5.5B. Together with errors and omissions, reserves fell $8.1B from transactions. When capital inflows are smaller than the current-account deficit, the gap is paid from reserves.
Capital flows
Net capital inflows: non-resident investment in India and resident investment abroad
Net capital inflows split in two: what non-residents put into India (direct and portfolio investment, loans, deposits) and what Indian residents put abroad, each net of what was taken back. This is where to see whether foreign inflows dried up or outflows grew.
For example: If foreign money into India drops from $25 billion to $5 billion while Indian money abroad stays at $10 billion, the fall in inflows is the cause.
Includes provisional data
US$ billion
- Foreign money into India, net
- Indian money going abroad, net
- Net capital flow
In April–June 2026 foreign money into India came to +$53.0B and Indian money going abroad to −$58.7B. A year earlier the two were +$57.1B and −$47.5B. The bigger change was in Indian money going out (−$11.3B), not in foreign money coming in (−$4.1B).
Transactions and valuation
Change in reserves: transactions, gold price and other valuation effects
The quarter's change in reserves in three parts. Transactions: dollars that actually changed hands. Gold price: the same gold valued at a new price. Other currencies and bond prices: euros, yen, pounds and bonds RBI holds, valued in dollars. The black line is the total.
For example: If the euro falls 5% against the dollar, euro holdings worth $100 billion are then worth about $95 billion: a $5 billion fall with nothing sold.
Includes estimates
US$ billion
- Bought or sold (transactions)
- Gold price
- Other currencies and bond prices (estimated)
- Total change in reserves
How to read it: in April–June 2026 reserves fell $22.5B. Selling dollars and other transactions took $8.1B; the gold price took $12.8B; other currencies and bond prices took $1.6B. The bars add up to the line.
Composition
Reserves by asset: foreign currency, gold, SDRs and IMF position
The four assets that add up to official reserves, as RBI publishes them each week. SDRs are an IMF reserve asset; the IMF position is India's quota money the IMF holds and must return on request.
For example: If the gold price rises by 10% and RBI buys no gold, the gold band still widens by about 10%.
Includes provisional data
US$ billion
- Foreign currency assets
- Gold
- SDRs
- IMF reserve position
Gold
Gold reserves: purchases and price revaluation
Each month's change in the dollar value of RBI's gold, in two parts: more ounces (gold bought, valued at the previous month's price) and the same ounces at the new price. The two add up to the change in gold's value.
For example: If RBI holds 28 million ounces and the gold price rises $100 an ounce, gold is worth $2.8 billion more with nothing bought.
Includes provisional data
US$ billion
- Gold bought (more ounces)
- Gold price (same ounces, new price)
At end-August 2026 RBI held 28.31 million troy ounces of gold, about 881 tonnes, the same as at end-September 2025. RBI bought no gold over the months shown; the gold price added $18.7B, so every change in the gold bar is price.
4 · RBI market operations
RBI's dollar purchases and sales, forward book and monthly flows
Intervention
RBI's purchases and sales of US dollars
RBI's purchases and sales of dollars in the market each month, spot and forward deliveries settled in the month, as it reports them in the Bulletin about two months later. Selling dollars supplies the market when demand would push the rupee down.
For example: If importers and departing investors want $20 billion more than exporters and new investors bring in, RBI can sell $20 billion so the rupee does not have to fall to close the gap.
Includes provisional data
US$ billion
- Dollars RBI bought
- Dollars RBI sold
- Net purchases (+) or sales (−)
In July 2026 RBI bought a net $18.7B of dollars. Over the 10 months shown it sold a net $27.3B, selling in 6 of them. Selling dollars meets demand that would otherwise push the rupee down; it lowers reserves by the same amount.
Forwards and swaps
RBI's net forward position and effective reserves
A negative forward position is dollars RBI has agreed to deliver on future dates, from forward sales and swaps. The reserves template counts contracts due within a year; the Bulletin's book counts every maturity. The black line adds the one-year position to reserves, Exalytics' sum of two published figures.
For example: Reserves of $700 billion and a net short forward position of $50 billion leave $650 billion once the contracts are settled.
Includes provisional data
US$ billion
- Official reserve assets
- Forward position due within a year (reserves template)
- Forward book, all maturities (RBI Bulletin)
- Reserves plus the one-year forward position
Monthly flows
Monthly flows ahead of the quarterly balance of payments
Four monthly figures that arrive before the quarterly balance of payments: net direct investment, foreign portfolio investors' net investment, the goods trade balance and residents' remittances abroad under the Liberalised Remittance Scheme. Above zero brings dollars in; below zero takes them out.
For example: A $25 billion trade deficit and $3 billion of remittances abroad need $28 billion of inflows in the same month, or RBI's dollars.
Includes provisional data
US$ billion
- Net direct investment (FDI)
- Foreign portfolio investors, net
- Goods trade balance
- Residents' remittances abroad (LRS)
Merchandise trade
Merchandise exports, imports and the trade balance
Monthly merchandise exports against oil and other imports. Importers buy dollars to pay for imports; exporters sell the dollars they earn. A wider deficit means more dollars demanded every month.
For example: With $38 billion of exports and $65 billion of imports, importers need $27 billion more than exporters bring in.
Includes provisional data
US$ billion
- Exports
- Oil imports
- Other imports
- Trade balance
In July 2026 the goods trade deficit was $32.0B, against $27.9B a year earlier; oil imports were $18.3B. Every dollar of deficit is a dollar importers must buy, a steady source of demand for dollars.
How much importers and exporters hedge with forward contracts is not published in an official series, so this page does not show it. The closest official signs are the trade deficit here, the forward premium (section 6) and RBI's forward book above.
5 · Foreign portfolio investors
Foreign portfolio investment: net flows, gross trades and cross-border outflows
Exchange sales and cross-border outflows
In September 2026 foreign portfolio investors sold $43.3B of Indian shares on the exchanges and bought $38.5B: a net sale of $4.8B.
In the same month they put $1.0B into shares through new issues and other deals off the exchanges, took $2.2B out of Indian bonds, took $0.2B out of REITs, InvITs, mutual funds and AIFs.
Across all Indian securities their net sale was $6.1B. That net is the most that could have left India through NSDL's routes.
A sale only takes money out of India if the proceeds are not used to buy another Indian security. Money moved from shares into bonds, or into a new share issue, shows up as a purchase in another line below and stays in India. Even the overall net can sit in rupee accounts before it is converted, so the balance of payments, published quarterly, is the count of what actually crossed the border.
NSDL reports by type of security, not by company size, so a move from large to mid-sized companies cannot be seen here. Stock-level moves are in the India stock market weekly topic, and domestic funds' buying beside foreign investors' selling is in India institutional equity flows.
Net investment by security type
Foreign portfolio investors' net investment, by route
Net purchases (above zero) or sales (below zero) of each kind of Indian security, as NSDL reports custodians' trades. The black line is the total across all of them: the most that could have come in or gone out.
For example: A net sale of ₹40,000 crore of shares and a net purchase of ₹15,000 crore of bonds is a total net sale of ₹25,000 crore.
Includes provisional data
US$ billion
- Shares, on the exchanges
- Shares, new issues and other deals
- Debt (bonds)
- Hybrid (REITs, InvITs)
- Mutual funds and AIFs
- All Indian securities, net
Gross trades
Gross purchases and sales by foreign portfolio investors
The gross purchases and sales that underlie the net figure. Large sales are often largely matched by purchases; the net is the difference.
For example: Sales of ₹2 lakh crore and purchases of ₹1.6 lakh crore leave a net sale of ₹40,000 crore.
US$ billion
- Bought
- Sold
- Net (bought − sold)
NSDL against the balance of payments
Portfolio flows: NSDL custodian trades against balance-of-payments portfolio investment
NSDL's net figure for each quarter, beside the balance of payments' portfolio money into India. NSDL counts trades in Indian securities; the balance of payments counts money crossing the border.
For example: If NSDL shows a net sale of $12 billion and the balance of payments a portfolio outflow of $9 billion, about $3 billion of the sales did not leave India in that quarter.
Includes provisional data
US$ billion
- Traded in India: NSDL's net, all securities
- Crossed the border: portfolio money into India (balance of payments)
In April–June 2026 NSDL recorded a net sale of $10.1B by foreign portfolio investors, and the balance of payments recorded $8.6B of portfolio money leaving India. The two measure different things: NSDL counts trades in Indian securities when they settle, the balance of payments counts money crossing the border, and it also includes Indian companies' shares listed abroad and investors above the 10% FDI line.
6 · Rupee, liquidity and money
Dollar sales, the rupee and domestic liquidity
Mechanism
When more dollars are wanted than offered, the rupee falls. RBI can supply the difference by selling dollars from its reserves. Banks pay for those dollars in rupees, so the rupees leave the banking system: RBI's foreign currency assets fall, and so do banks' deposits with RBI. Less rupee money and more dollars on offer both support the rupee.
Fewer rupees in the system pushes up short-term interest rates, so RBI often puts rupees back by buying bonds or lending to banks. Watching RBI's balance sheet week by week shows both sides: dollars out, and how much of the rupee drain was replaced.
A sell/buy swap is a dollar sale today with a promise to buy the dollars back on a fixed future date. Reserves fall today and come back when the swap ends, and the forward book (section 4) records the promise. The forward premium below shows what it costs to buy dollars for later delivery.
The rupee
The rupee, the forward premium and the call rate
The rupee's reference rate against the dollar each week (FBIL); the annualised premium for buying dollars 1, 3 and 6 months ahead; and the overnight call money rate, the price of rupee liquidity between banks.
For example: A forward premium of 2% a year means a dollar for delivery in six months costs about 1% more than a dollar today.
rupees per US dollar
- Rupees per US dollar
A dollar cost ₹87.71 in the week to 24 Oct 2025 and ₹94.94 in the week to 23 Oct 2026: the rupee lost 8.2% against the dollar. The three-month forward premium went from 2.08% to 5.24% a year: the higher it is, the more it costs an importer to lock in dollars for later.
RBI's balance sheet
RBI's balance sheet: weekly changes in foreign assets, rupee securities, loans and bank deposits
Week-on-week changes in RBI's balance sheet, in rupees: its foreign currency assets, the rupee securities it holds, its loans to banks, and banks' deposits with it. Foreign currency assets also change in rupees when the rupee moves.
For example: If RBI sells dollars worth ₹50,000 crore and buys ₹30,000 crore of bonds in the same week, banks' deposits with RBI fall by about ₹20,000 crore.
Includes provisional data
₹ crore / lakh crore
- Foreign currency assets
- Rupee securities (bonds, T-bills)
- Loans to banks (repo and other)
- Banks' deposits with RBI
From 24 Oct 2025 to 23 Oct 2026 RBI's foreign currency assets rose by ₹6.52 lakh cr, its rupee securities and loans to banks rose by ₹5.11 lakh cr, and banks' deposits with RBI rose by ₹15,657 cr. When RBI sells dollars, banks pay for them in rupees, which drains rupees from the system; buying bonds or lending to banks puts rupees back.
Shown in rupees whatever the currency filter: RBI's balance sheet is kept in rupees.
Rupee money
Reserve money, M1 and M3
Reserve money is the rupees RBI has created: currency and banks' deposits with RBI. It changes when RBI's net foreign assets change (dollars bought or sold) and when it lends to the government or banks. M1 (currency and current-account deposits) and M3 (M1 plus time deposits) are the money the public holds.
For example: If RBI's net foreign assets fall ₹1 lakh crore and its credit to banks rises ₹60,000 crore, reserve money falls by about ₹40,000 crore.
₹ crore / lakh crore
- RBI's net foreign assets
- RBI credit to government
- RBI credit to banks and commerce
- Net non-monetary liabilities (subtracted)
- Change in reserve money
From 31 Oct 2025 to 15 Oct 2026 RBI's net foreign assets rose by ₹6.91 lakh cr, its credit to government rose by ₹51,589 cr and to banks fell by ₹1.19 lakh cr; reserve money rose by ₹4.91 lakh cr.
Net non-monetary liabilities include RBI's revaluation accounts, so a change in the rupee value of the reserves shows in net foreign assets and, subtracted, in that bar. M1 is Exalytics' sum of RBI's published parts: currency with the public, demand deposits and other deposits with RBI. M2 is not published in RBI's weekly tables, so it is not shown. Weekly and fortnightly series start in April 2024.
7 · Reserve adequacy
Reserve adequacy: import cover
Adequacy
Import cover
How many months of imports of goods and services the reserves could pay for: three times end-quarter reserves divided by that quarter's imports. This is Exalytics' calculation from two published series; RBI's own import-cover release can use a different import bill. Three months is a traditional rule of thumb, not an IMF assessment.
For example: Reserves of $600 billion and imports of $225 billion in the quarter give 3 × 600 ÷ 225 = 8 months of import cover.
Includes estimates
Months of goods and services imports
Three months
- Import cover
Sources and method
Sources and methodology
A positive change means the published stock of reserves rose. On the balance-of-payments lines, a positive figure is a surplus or a net inflow, the same sign as the India balance-of-payments topic. A negative forward position means the Reserve Bank has committed to deliver US dollars. US dollar values are as published. The weekly reserves, NSDL's flows and RBI's rupee tables carry both currencies as published; other rupee values were converted when the data was loaded, at the month-end rate for stocks and the period's average rate for flows. The page never applies today's rate. Valuation and other changes equal the change in the published stock minus the balance-of-payments transactions. They are mostly the dollar price of gold and the dollar value of euro, yen, sterling and SDR holdings. Missing periods are absent, never zero.
- Reserve Bank of India, Weekly Statistical Supplement (foreign exchange reserves) ↗Mar 2011 – Oct 2026 · 10,652 observations
- NSDL, daily trends in FPI investments ↗Apr 2011 – Oct 2026 · 4,508 observations
- Reserve Bank of India, RBI Bulletin current statistics ↗Apr 2014 – Jul 2026 · 2,954 observations
- Reserve Bank of India, via IMF Balance of Payments (BOP) statistics ↗Apr 2011 – Jun 2026 · 2,128 observations
- Reserve Bank of India, via IMF reserves template (IRFCL) ↗Apr 2011 – Aug 2026 · 1,899 observations
- Exalytics, from Reserve Bank of India figures published via the IMF ↗Apr 2011 – Oct 2026 · 1,145 observations
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