The Reserve Bank of India (RBI) said India’s foreign exchange reserves fell by $5.654 billion to $666.93 billion in the week ended June 26, 2026. The decline was largely driven by a $5.61 billion fall in gold reserves to $102.54 billion, while foreign currency assets slipped $150 million to $541.07 billion.
The RBI’s short dollar forward book jumped to a record $106.7 billion in May 2026, up $11.4 billion from April, as the central bank increased derivative interventions to support the Indian rupee. Short dollar positions of up to one month rose to $19.8 billion from $13.5 billion, while positions beyond one year stood at $56 billion.
The Indian rupee briefly weakened to nearly 97 per US dollar in late May before recovering after the government announced measures to attract foreign capital inflows.
The RBI also reported that India’s SDR holdings declined by $89 million to $18.56 billion, while the reserve position in the IMF fell by $21 million to $4.77 billion during the week.
According to the RBI’s Weekly Statistical Supplement, aggregate bank deposits stood at Rs 2,58,41,605 crore as of June 15, 2026, up Rs 48,923 crore in FY27 so far and 10.4% higher than a year earlier. Bank credit reached Rs 2,15,47,116 crore, rising Rs 69,990 crore in FY27 and 17.7% year-on-year.
India’s broad money (M3) stood at Rs 3,12,20,737 crore on June 15, down Rs 1,41,312 crore (0.5%) from March-end but still 11.9% higher than a year ago. The RBI’s liquidity operations also showed the banking system remained in surplus liquidity during June 22-28, with net liquidity absorption ranging between Rs 80,203 crore and Rs 1,41,614 crore.
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