The RBI foreign exchange reserves increased by ₹1,09,684 crore, or $9.905 billion, in the week ended August 14, taking India’s total reserves to ₹68,41,778 crore, equivalent to $716.907 billion, according to the Reserve Bank of India’s Weekly Statistical Supplement released on August 21.
Foreign currency assets rose by ₹81,275 crore ($7.225 billion) during the week to ₹55,52,880 crore ($581.851 billion). Gold reserves increased by ₹27,899 crore ($2.679 billion) to ₹10,63,305 crore ($111.417 billion). SDR holdings rose ₹358 crore to ₹1,78,845 crore, while the reserve position in the IMF increased ₹153 crore to ₹46,748 crore. In dollar terms, SDR holdings fell $5 million and the IMF position rose $5 million.
Total reserves were ₹2,87,917 crore ($25.799 billion) higher than at the end of March 2026. On a year-on-year basis, reserves increased by ₹7,54,995 crore, while the dollar value rose by $21.801 billion. Foreign currency assets were up ₹4,22,316 crore in rupee terms, while gold reserves increased ₹3,13,144 crore.
Bank deposits and credit rise
The RBI data showed aggregate deposits with scheduled commercial banks at ₹2,69,41,367 crore as of July 31, 2026. Deposits increased ₹6,60,688 crore over the fortnight and were up 2.7% in 2026-27 so far and 15.4% year-on-year. Bank credit stood at ₹2,20,78,095 crore, rising ₹3,43,420 crore over the fortnight and 19.3% year-on-year. Food credit declined ₹2,900 crore, while non-food credit increased ₹3,46,320 crore.
Money supply, measured by M3, stood at ₹3,22,81,302 crore on July 31, up ₹6,38,771 crore or 2.0% over the fortnight. M3 increased 2.6% during 2026-27 so far and 14.7% year-on-year. Currency with the public stood at ₹41,85,446 crore, demand deposits at ₹35,85,981 crore and time deposits at ₹2,43,87,268 crore.
RBI’s liquidity operations recorded net absorption of ₹3,29,995 crore on August 10, ₹2,44,499 crore on August 11, ₹2,15,570 crore on August 12, ₹2,25,708 crore on August 13, ₹3,12,429 crore on August 14, ₹2,29,152 crore on August 15 and ₹1,95,176 crore on August 16.
The bulletin also showed state government loans at ₹14,225 crore on August 14, down ₹15,458 crore over the week and ₹19,905 crore from August 15, 2025. Central government loans were zero. The RBI said the data are provisional and differences, if any, may be due to rounding.
Government Bonds Face Sharpest FY27 Weekly Sell-Off
Indian government bonds posted their sharpest weekly sell-off of FY27 on Friday after RBI minutes signalled the easing cycle may be over, according to Reuters.
The rout deepened as Brent crude surged for a second consecutive week after the US–Iran interim deal expired, stoking inflation fears for India.
MUFG Bank expects the RBI to hike rates by 50 bps from December, though SBI Research foresees a prolonged pause throughout FY27. Benchmark yields hit a two-month high as hawkish RBI minutes, the abrupt closure of a diaspora hedging facility, and surging crude prices rattled markets.
