Overall Reserve Movement (BoP basis): Foreign exchange reserves decreased by US$23.6 billion on a balance‑of‑payments basis in FY2025‑26, compared with a US$5.0 billion decline in FY2024‑25.
Overall Reserve Movement (including valuation): Reserves increased by US$22.8 billion in FY2025‑26, up from a US$21.9 billion rise in FY2024‑25.
Valuation Effects: Gain of US$46.4 billion in FY2025‑26, up from US$26.9 billion in FY2024‑25, driven by higher gold prices and depreciation of the US dollar.
Current Account Balance: Deficit widened to US$25.4 billion in FY2025‑26 from US$23.1 billion in FY2024‑25.
Capital Account (net): Turned positive at US$1.8 billion in FY2025‑26, down sharply from US$18.0 billion in FY2024‑25.
Foreign Investment (FDI + Portfolio): Net –US$9.4 billion in FY2025‑26 (FDI +6.9 billion, Portfolio –16.4 billion) versus +US$4.5 billion in FY2024‑25.
Banking Capital: Net +US$6.4 billion in FY2025‑26 versus –US$9.8 billion in FY2024‑25; NRI deposits contributed +US$14.4 billion (vs +US$16.2 billion).
Short‑term Credit: +US$13.7 billion in FY2025‑26 versus +US$7.2 billion in FY2024‑25.
External Assistance: +US$2.6 billion in FY2025‑26 versus +US$6.3 billion in FY2024‑25.
External Commercial Borrowings: +US$11.1 billion in FY2025‑26 versus +US$15.9 billion in FY2024‑25.
Other Items in Capital Account: –US$22.7 billion in FY2025‑26 versus –US$6.0 billion in FY2024‑25.
Total Change (I+II+III): Net increase of US$22.8 billion in FY2025‑26 (up from US$21.9 billion in FY2024‑25).
