India's foreign exchange reserves were $682.3 billion as of May 29, 2026, the Reserve Bank of India governor said, providing an import cover of about 11 months and covering 89.1 percent of the country's external debt.
RESERVES AND COVERAGE METRICS
RBI Governor Sanjay Malhotra reported the aggregate reserve level in his statement on the June 5 monetary policy decision, describing them as adequate in terms of the standard metrics of reserve adequacy, including import cover and external debt.
The headline figures cited included $682.3 billion in reserves, an import cover of 11 months and reserve coverage of 89.1 percent of external debt. The governor said net foreign portfolio investment had seen outflows of $13.7 billion in 2026-27 up to June 2, mainly in equities, while FDI flows had been encouraging in April 2026.
MARKET AND POLICY IMPLICATIONS
Malhotra said various policy initiatives were expected to strengthen the balance of payments, including recent agreements with major trading partners and the opening of the insurance sector to 100 percent FDI.
He said that while the reserves provide a strong buffer against external shocks, the RBI has a broad range of regulatory and market-based instruments, and remains vigilant and fully prepared to do whatever it takes to preserve orderly market conditions.
The statement accompanied the Monetary Policy Committee's unanimous decision to keep the policy repo rate unchanged at 5.25 percent with a neutral stance.
Sources: Reserve Bank of India, Governor's Statement, 5 June 2026
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