India Forex Reserves Rise to Record

Foreign exchange reserves held at the Reserve Bank of India rose to a record high of $729.33 billion equivalent as of July 21st, 2026, following a large magnitude of dollar inflows to the Indian financial system.

The RBI introduced special deposit programs for domestic banks by overseas Indian citizens in its latest effort to tame the rupee's decline.

The measures garnered $74 billion of inflows since the introduction of the facilities.

Foreign exchange reserves had plunged since March as the war in the Middle East lifted oil prices and pressured the rupee, driving the RBI to sell hard currency to defend local exchange rates.