RBI's 46th Half-Yearly Report Details Decline in India's Foreign Exchange Reserves
Why it matters
The Reserve Bank of India’s 46th Half-Yearly Report on Management of Foreign Exchange Reserves tracks a net decrease of approximately USD 8.98 billion over the six months ending March 2026. This reporting mechanism, which the RBI introduced in February 2004 to improve transparency, offers a specific look at the country's external liquidity buffers and asset management strategies.
The reserves dropped from USD 700.09 billion in October 2025 to USD 691.11 billion by the close of the 2025-26 fiscal year. While specific drivers for the dip vary, these movements typically reflect market interventions to curb currency volatility and valuation adjustments of non-dollar assets like the Euro or Yen. The report covers the status of Foreign Currency Assets (FCA), Gold, Special Drawing Rights (SDRs), and the Reserve Position in the IMF.
| Category | Value (Oct 2025) | Value (Mar 2026) |
|---|---|---|
| Total Forex Reserves | USD 700.09 Billion | USD 691.11 Billion |
| Reporting Cycle | Half-Yearly | 46th Edition |
| Initiation Date | February 2004 | Transparency Measure |
Glossary
Foreign Currency Assets (FCA): Assets like US Dollars, Euros, and Yen held by the RBI; these constitute the largest portion of total reserves.
SDR (Special Drawing Rights): An accounting unit and international reserve asset defined by the IMF, usable by member nations during balance-of-payment needs.
NaukriSync Exam Angle
Indian Economy. Note the precise figure: India's reserves totaled USD 691.11 billion as of March 2026. Expect questions regarding the inception of these half-yearly disclosures (February 2004) or the specific components included in India's forex basket, such as Gold and SDRs.