India's Forex Reserves: From 1991 Crisis to a Record $785.7 Billion

India's forex reserves are a Reserve Bank of India-managed portfolio of foreign-currency assets, gold, SDRs and an IMF reserve position, built up since the 199…

Reserves Collapse to $896 Million — Three Weeks of Import Cover

A Gulf-War oil-price spike, a drop in remittances and a sudden loss of international credit access pushed India's reserves down 71.2% between end-August 1990 and 16 Janu…

67 Tonnes of Gold Pledged as Collateral to Raise $605 Million

With private borrowing dried up and default ruled out, India pledged gold as emergency collateral: 20 tonnes to the Union Bank of Switzerland in April 1991 ($200M, sale-…

Pokhran-II Sanctions Threaten Reserves — Resurgent India Bonds Raise $4.23B

India's May 1998 nuclear tests drew US and allied sanctions restricting some financing flows. Reserves stood at $26.3B at end-March 1998 and were feared to dip toward $2…

Reserves Peak at $314.6B, Then Fall $63B as RBI Defends the Rupee

Reserves peaked at $314.6 billion at end-May 2008. As global capital reversed out of emerging markets, the RBI sold dollars to limit rupee volatility, pulling reserves d…

Fed Taper Fears Trigger Capital Flight — FCNR(B) Swap Raises $34B

Fears the US Federal Reserve would taper bond-buying triggered a rapid reversal of emerging-market capital. The rupee fell sharply and India was grouped among the "Fragi…

Reserves Cross $500 Billion for the First Time — During a Global Shock

Covid-19's initial shock did not collapse India's reserves — it did the opposite. A rare current-account surplus, resilient FDI and portfolio inflows chasing global liqu…

Reserves Fall to a Two-Year Low of $524.52 Billion

Russia's February 2022 invasion of Ukraine sent oil prices higher while the Fed tightened aggressively and the dollar surged broadly. The RBI sold dollars to limit rupee…

A Special RBI Scheme Draws $136.3 Billion in Ten Weeks

A special USD-INR swap facility launched 8 June 2026 offered discounted hedging on FCNR(B) deposits and concessional overseas-borrowing terms. Closed early on 31 August…

$785.7 Billion Record — While the Rupee Falls to ₹95.55 and RBI Drains ₹1 Trill…

Reserves hit a record $785.71 billion for the week ended 4 September 2026. In that same week the rupee closed at ₹95.55/$1 on oil near $104/barrel, and banking-system li…