IndiaTrackerExternal sector
How large are India's foreign exchange reserves, and how is the rupee doing? Reserves were $719.7 billion in the week to 23 Oct 2026.
Foreign exchange reserves
US$ billion, week ending Friday
USD/INR reference rate
Rupees per US dollar, FBIL 1 pm fixing
| US$ billion, week ended | 18 Sep 2026 | 25 Sep 2026 | 2 Oct 2026 | 9 Oct 2026 | 16 Oct 2026 | 23 Oct 2026 |
|---|---|---|---|---|---|---|
| Total reserves | 765.9 | 747.6 | 734.6 | 726.0 | 721.0 | 719.7 |
| Foreign currency assets | 631.0 | 615.4 | 604.7 | 597.6 | 591.8 | 593.2 |
| Gold reserves | 111.3 | 108.7 | 106.4 | 105.1 | 105.8 | 103.2 |
The rupee and RBI's reserves
Weekly change in reserves
US$ billion, change on the previous week
USD/INR reference rate
Rupees per US dollar (a higher rate is a weaker rupee)
RBI Weekly Statistical Supplement. Changes in reserves reflect RBI's market operations and valuation changes in currencies and gold, which the weekly data do not separate, so a fall is not the same as RBI selling dollars.
Merchandise trade
Merchandise exports and imports
US$ billion per month
Merchandise trade balance
US$ billion per month
| US$ billion | Apr 2026 | May 2026 | Jun 2026 | Jul 2026 | Aug 2026 | Sep 2026 |
|---|---|---|---|---|---|---|
| Merchandise exports | 43.6 | 45.2 | 40.4 | 44.2 | 43.8 | 44.4 |
| % y/y | 13.8 | 18.0 | 15.5 | 19.6 | 26.1 | 23.0 |
| Merchandise imports | 71.9 | 73.4 | 70.8 | 76.2 | 70.7 | 74.6 |
| % y/y | 10.0 | 20.6 | 31.0 | 17.5 | 14.1 | 8.0 |
| Trade balance | −28.4 | −28.2 | −30.4 | −32.0 | −26.9 | −30.2 |
Department of Commerce (monthly SDDS table). The latest month is provisional; the following year's release revises it, and the revised value is used.
Services trade
Services exports and imports
US$ billion per month
Services trade growth, as published
% change on the same month a year earlier
RBI's monthly data on trade in services, about 45 days after the month; the latest two months are provisional. India runs a large surplus on services, which offsets much of the merchandise deficit. Shown with attribution; download pending a check of RBI's terms.
Balance of payments
Current account balance
% of GDP, quarterly (negative = deficit)
Capital flows
US$ billion per quarter, net
| US$ billion, net | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Current account | −3.4 | −12.3 | −13.2 | 7.1 | −4.2 |
| Goods | −68.9 | −87.4 | −93.6 | −83.4 | −86.1 |
| Services | 47.9 | 50.9 | 57.5 | 60.4 | 51.6 |
| Primary income | −13.3 | −12.2 | −12.2 | −11.1 | −10.5 |
| Secondary income (mainly remittances) | 30.9 | 36.5 | 35.2 | 41.3 | 40.8 |
| Current account, % of GDP | −0.4 | −1.3 | −1.3 | 0.7 | −0.5 |
| Net FDI | 5.2 | 2.9 | −3.7 | 4.2 | 6.1 |
| Net portfolio flows | 1.6 | −5.7 | −0.2 | −12.0 | −9.6 |
Current account, monthly
US$ billion (RBI's monthly balance of payments, published since 2026; preliminary)
RBI's balance-of-payments releases. The latest quarter is preliminary and each release revises the same quarter a year earlier; we keep the latest figure.
Remittances
Remittances
US$ billion a quarter: personal transfer receipts, gross
RBI describes personal transfer receipts as mainly remittances by Indians employed overseas. Taken from the text of each quarterly balance-of-payments release, which has printed this figure since Q3 2024-25 (with the year-earlier quarter), so the series starts in Q3 2023-24.
Effective exchange rates
The rupee against a basket of 64 economies
Index, 2020 = 100, monthly average; a rise means a stronger rupee
The nominal index weights the rupee's exchange rates by trade; the real index also adjusts for inflation in India relative to its trading partners. Source: Bank for International Settlements, broad indices. RBI publishes its own 40-currency indices in its monthly Bulletin, but those tables have no stable links for us to read; the BIS indices use a different base and weights, so their levels differ from RBI's.
External debt
External debt
US$ billion, end of quarter
External debt to GDP
%, end of quarter
From the highlights of RBI's quarterly external debt releases (each gives the latest quarter and the one it is compared with). RBI's press-release index currently lists only the end-March and end-June releases, so other quarters are missing. Changes include valuation effects from exchange-rate moves.
External commercial borrowing
External commercial borrowing registered
US$ billion a month (ECBs and FCCBs given a loan registration number)
Indian companies' borrowing from abroad as registered with RBI each month, all routes. Registration comes before any money is drawn, so this measures plans rather than inflows. Source: RBI, monthly ECB/FCCB data; totals as printed.
Still to come on this page
ECB drawdowns (money actually received) and NRI deposits. Checklist: docs/guidebook/05-pages/external.md.