Now Reading: India’s forex reserves cross $716 billion mark, RBI reports
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India’s forex reserves cross $716 billion mark, RBI reports
India's foreign exchange reserves rose to $716.91 billion as of August 14, up nearly $10 billion from $707 billion a week earlier, according to the Reserve Bank of India. CryptoRank reports the increase was driven by valuation gains from global currency and asset price movements, as well as RBI market operations to manage rupee volatility.
The RBI also reported that its special forex swap facility, introduced in June 2026 to boost dollar inflows amid a weakening rupee, had attracted $72.848 billion in inflows by August 21, Telangana Today says. Of this, FCNR(B) deposits contributed $65.397 billion and external commercial borrowings added $7.451 billion.
The RBI shortened the swap window for FCNR(B) deposits to August 31 from September 30, citing an encouraging response. An SBI Research report, cited by Telangana Today, said the target had likely been achieved and total collections could reach around $85 billion.
Indian Opinion Analysis
The two sources frame the same data with different emphasis. CryptoRank treats the forex reserves rise as a standalone positive, attributing it to valuation gains and RBI intervention, and presents the $716.91 billion figure as a historic high. Telangana Today leads with the swap facility's inflows of $72.85 billion, reporting the reserves rise as a supporting detail, and includes RBI's decision to close the FCNR(B) window early as well as an SBI report questioning the cost-benefit. The combined picture is that India's reserves are at a record largely thanks to a time-limited swap scheme that has met its target, not just organic flows. The next number to watch is whether total collections under the scheme reach the projected $85 billion by August 31.
Coverage: 2 sources, 2 neutral
Sources (2): cryptorank.io (neutral report), telanganatoday.com (neutral report)
This story was synthesised by AI from the 2 sources linked above. Methodology and corrections.
Updated: this story now draws on 2 sources.
