India’s foreign exchange reserves (INFXR=ECI), opens new tab climbed to another record high of $740.80 billion in the week to 28 August, central bank data showed on Friday, boosted by heavy inflows from special schemes to attract dollar inflows into the country.
India’s FX pile has risen for nine straight weeks, jumping by almost $75 billion during this period, with the latest figure comfortably surpassing $729.33 for week ended 21 August.
In June, India unveiled discounted hedging facilities for overseas borrowings by state-run firms and banks, and a free-of-cost hedging facility for banks to raise overseas FX deposits.
The Reserve Bank of India received over $136 billion under these schemes between June 5 and August 31, including about $127 billion from non-resident Indian deposits.
For the week, the rupee rose 0.3% against the dollar to 95.3775.
The inflow will give the RBI strong spot FX reserves which can be used to stabilise or strengthen the rupee, HSBC said in a note.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves.
Foreign exchange reserves include India’s Reserve Tranche position in the International Monetary Fund.
FOREIGN EXCHANGE RESERVES (in million US dollars)
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28 Aug 21 Aug
2026 2026
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Foreign currency assets 600,670 591,333
Gold 116,409 114,218
SDRs 18,810 18,852
Reserve Tranche Position 4,914 4,925
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Total 740,803 729,328
