MUMBAI, India, Dec. 1 -- Reserve Bank of India issued the following press release:
Today, the Reserve Bank of India released the balance of payments (BoP) data for the second quarter (Q2), i.e., July-September of 2025-26, on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-September 2025 are detailed below in Table 1.
Table 1: Sources of Variation in Foreign Exchange Reserves* (US$ billion) Items April-September 2024 April-September 2025 I. Current Account Balance -25.3 -15.1 II. Capital Account (net) (a to f) 49.2 8.6 a. Foreign Investment (i+ii) 24.2 3.6 (i) Foreign Direct Investment (FDI) 3.4 7.7 (ii) Portfolio Investment 20.8 -4.1 b. Banking Capital 9.0 0.3 of which: NRI Deposits 10.2 6.1 c. Short-term Credit 7.5 2.9 d. External Assistance 3.5 1.2 e. External Commercial Borrowings 3.5 4.5 f. Other Items in Capital Account 1.4 -3.9 III. Valuation Change 35.5 38.2 IV. Total (I+II+III) @
Increase in reserves (+) / Decrease in reserves (-) 59.4 31.8 *: Based on the old format of BoP (BPM5) which may differ from the new format (BPM6) in the treatment of transfers under the current account and ADRs/ GDRs under portfolio investment.
@: Difference, if any, is due to rounding off.
Note: 'Other Items in Capital Account' apart from 'Errors and Omissions' includes SDR allocation, leads and lags in exports/imports, funds held abroad, advances received pending issue of shares under FDI, capital receipts not included elsewhere, and rupee denominated debt.
On a balance of payments basis (i.e., excluding valuation effects), foreign exchange reserves decreased by US$ 6.4 billion during April-September 2025 as against an accretion of US$ 23.8 billion during April-September 2024. Foreign exchange reserves in nominal terms (i.e., including valuation effects) increased by US$ 31.8 billion during April-September 2025 as compared with an increase of US$ 59.4 billion in April-September 2024 (Table 2).
Table 2: Comparative Position of Variation in Reserves (US$ billion) Items April-September 2024 April-September 2025 1. Change in Foreign Exchange Reserves (i.e., Including Valuation Effects) 59.4 31.8 2. Valuation Effects [Gain (+)/Loss (-)] 35.5 38.2 3. Change in Foreign Exchange Reserves on BoP basis (i.e., Excluding Valuation Effects) 23.8 -6.4 Notes: 1. Increase in reserves (+)/Decrease in reserves (-).
2. Difference, if any, is due to rounding off.
The valuation gain, primarily reflecting higher price of gold, depreciation of US dollar against major currencies and lower bond yields, increased to US$ 38.2 billion during April-September 2025 from US$ 35.5 billion during April-September 2024.
(Brij Raj)
Chief General Manager
Press Release: 2025-2026/1599
Disclaimer: Curated by HT Syndication.
