Document title: Developments in India's Balance of Payments for the Month of April 2026
Issuing authority: Reserve Bank of India, Department of Communication
Date: 15 June 2026
External Sector and Currency
The preliminary balance of payments shows the current account moving from a US$4.8 billion deficit in April 2025 to a US$4.7 billion surplus in April 2026. Merchandise trade recorded a net deficit of US$27.9 billion, with exports increasing to US$44.6 billion and imports to US$72.5 billion. Services contributed a net surplus of US$18.6 billion, driven by service exports of US$37.0 billion against imports of US$18.4 billion. Transfers posted a net inflow of US$16.0 billion, while income remained negative at US$1.9 billion.
Capital Markets and Flows
The capital account reversed from a US$5.3 billion surplus to a US$11.3 billion deficit. Foreign direct investment (FDI) net inflows rose to US$7.4 billion, with inbound FDI of US$11.4 billion and outbound FDI of US$4.0 billion. Foreign portfolio investment (FPI) turned sharply negative, showing a net outflow of US$8.7 billion, of which US$8.3 billion were outflows from India and a modest US$0.4 billion inflow abroad. External commercial borrowings (ECB) netted US$0.6 billion, with US$0.2 billion to India and US$0.4 billion repaid abroad. Short‑term credit to India recorded a net increase of US$0.7 billion. Banking capital shifted to a net outflow of US$3.7 billion, while NRI deposits remained unchanged at US$0.8 billion. Other capital showed a net outflow of US$7.7 billion.
Financial Stability
Overall balance (current plus capital) moved to a net deficit of US$6.6 billion in April 2026, compared with a modest surplus of US$0.5 billion in the prior year. Monetary movements contributed a positive US$6.6 billion, offsetting the deficit in the overall balance.
This preliminary BoP data indicates a significant swing in both current and capital accounts, with stronger export performance and higher FDI offset by sharp FPI outflows and reduced banking capital inflows.