India's forex reserves reach $692.9 billion after nearly $10.5B boost
India's foreign exchange reserves just climbed to $692.9 billion as of July 31, 2026, a nearly $10.5 billion boost in one week and a near three-month high.
This big leap is part of Reserve Bank of India (RBI)'s push to keep the rupee steady and handle global oil price swings.
Banks raise $36.7 billion via FCNR
Most of this growth comes from banks raising $36.7 billion through the Foreign Currency Non-Resident (FCNR) deposit scheme launched in June.
RBI even permitted lenders to swap these foreign currency deposits with the central bank under a zero-cost hedging facility open until the end of September to keep things smooth.
Thanks to these strong reserves, the rupee also got a lift, up 1.2% against the US dollar that week, its best jump in four months.
RBI Governor Sanjay Malhotra summed it up: "India's foreign exchange reserves continue to be adequate in terms of the standard metrics of reserve adequacy with import cover of over 10 months and external debt cover of 90.8%."