Sources of Variation in India’s Foreign Exchange Reserves during April-March 2025-26
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Summary
Today, the Reserve Bank of India released the balance of payments (BoP) data for the fourth quarter (Q4), i.e., January-March of 2025-26, and for April-March 2025-26 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during 2025-26 are detailed below in Table 1. Table 1: Sources of Variation in Foreign Exchange Reserves* (US$ billion) Items 2024-25 2025-26 I. Current Account Balance -23.1 -25.4 II. Capital Account (net