RBI raises dollar book to $110-$115bn to steady Indian rupee
The RBI just ramped up its dollar book to a record $110 billion to $115 billion, jumping from $95.3 billion in April 2026.
This move is all about keeping the Indian rupee steady, especially after it took a hit from rising oil prices and global tensions involving Iran.
A large part of this activity happened in the offshore NDF market, letting RBI manage the exchange rate without immediately depleting foreign-exchange reserves.
India's reserves $682.3bn, rupee recovery tricky
India's foreign exchange reserves were $682.3 billion in the week of May 29, 2026, down more than $40 billion since February.
Even with RBI's efforts, analysts say there could be ongoing demand for dollars as contracts expire, making a rupee recovery tricky.
RBI Governor Sanjay Malhotra summed it up: they let the rupee move with the market but step in to stop wild swings caused by speculators who aren't playing by economic rules.