The country's foreign exchange reserves in nominal terms, including valuation effects, rose USD 19.4 billion during April-December 2025, against a depletion of USD 10.7 billion in April-December 2024, according to the RBI data.
On a balance of payments basis, excluding valuation effects, foreign exchange reserves decreased USD 30.8 billion during April-December 2025, as compared to depletion of USD 13.8 billion during April-December 2024.
The Reserve Bank of India (RBI) on Monday released Sources of Variation in Foreign Exchange Reserves in India during April-December 2025.
2 March 2026
Get the latest issue of Outlook Business
The valuation gain, primarily reflecting higher price of gold, depreciation of US dollar against major currencies and lower bond yields, increased to USD 50.2 billion during April-December 2025 from USD 3.1 billion during April-December 2024.
The current account balance recorded a deficit of USD 30.2 billion during April-December 2025, as against a deficit of USD 36.7 billion during April-December 2024.
During April-December 2025, there was a capital account deficit of USD 0.6 billion, compared to a surplus of USD 22.9 billion in a similar period last year, the data showed.
