The rupee has gone from ₹12.78 to ₹88.31 a dollar, and reserves are $691.1 billion.
In 1986-87 a dollar cost ₹12.78 on average. In 2025-26 it cost ₹88.31, about 6.9 times as much. India’s foreign exchange reserves stood at $691.1 billion at the end of 2025-26, and foreign portfolio money has flowed out in 6 of the 22 years RBI records.
View as a table
| Fiscal year | ₹ per US dollar |
|---|---|
| 1986-87 | 12.78 |
| 1987-88 | 12.97 |
| 1988-89 | 14.48 |
| 1989-90 | 16.65 |
| 1990-91 | 17.94 |
| 1991-92 | 24.47 |
| 1992-93 | 30.65 |
| 1993-94 | 31.37 |
| 1994-95 | 31.40 |
| 1995-96 | 33.45 |
| 1996-97 | 35.50 |
| 1997-98 | 37.16 |
| 1998-99 | 42.07 |
| 1999-00 | 43.33 |
| 2000-01 | 45.68 |
| 2001-02 | 47.69 |
| 2002-03 | 48.40 |
| 2003-04 | 45.95 |
| 2004-05 | 44.93 |
| 2005-06 | 44.27 |
| 2006-07 | 45.25 |
| 2007-08 | 40.26 |
| 2008-09 | 45.99 |
| 2009-10 | 47.44 |
| 2010-11 | 45.56 |
| 2011-12 | 47.92 |
| 2012-13 | 54.41 |
| 2013-14 | 60.50 |
| 2014-15 | 61.14 |
| 2015-16 | 65.47 |
| 2016-17 | 67.07 |
| 2017-18 | 64.45 |
| 2018-19 | 69.92 |
| 2019-20 | 70.90 |
| 2020-21 | 74.23 |
| 2021-22 | 74.50 |
| 2022-23 | 80.36 |
| 2023-24 | 82.79 |
| 2024-25 | 84.58 |
| 2025-26 | 88.31 |
How the price of a dollar has moved
The largest one-year rise in the average price of a dollar was 36.4%, in 1991-92. At the end of 2025-26 a dollar cost ₹94.65, against an average of ₹88.31 over the year, so the year’s average and its closing price are not the same number.
These are averages for the fiscal year, April to March. A sharp move inside a year, up or back, does not show here.
The rupee against many currencies
A dollar is one price. RBI also publishes an index of the rupee against a basket of 40 currencies, weighted by trade, with 2015-16 set to 100. In 2025-26 the nominal index stood at 84.7 and the real index, which adjusts for prices at home and abroad, at 97.5. A lower number means the rupee has lost value against the basket.
- Nominal (NEER)
- Real (REER)
- Provisional
View as a table
| Fiscal year | Nominal (NEER) | Real (REER) |
|---|---|---|
| 2009-10 | 121.7 | 92.7 |
| 2010-11 | 125.1 | 100.5 |
| 2011-12 | 116.9 | 98.4 |
| 2012-13 | 104.8 | 94.2 |
| 2013-14 | 96.8 | 92.1 |
| 2014-15 | 99.1 | 97.2 |
| 2015-16 | 100.0 | 100.0 |
| 2016-17 | 100.1 | 101.8 |
| 2017-18 | 103.2 | 106.0 |
| 2018-19 | 97.5 | 100.6 |
| 2019-20 | 98.0 | 103.2 |
| 2020-21 | 93.9 | 103.6 |
| 2021-22 | 93.1 | 104.8 |
| 2022-23 | 91.2 | 102.9 |
| 2023-24 | 90.8 | 103.9 |
| 2024-25 | 91.0 | 105.4 |
| 2025-26 | 84.7 (provisional) | 97.5 (provisional) |
The reserves behind it
India’s foreign exchange reserves were $691.1 billion at the end of 2025-26. That is the highest RBI records. Gold is $115.4 billion of the total, 16.7%.
View as a table
| Fiscal year | US $ million |
|---|---|
| 1968-69 | 769 |
| 1969-70 | 1,094 |
| 1970-71 | 975 |
| 1971-72 | 1,194 |
| 1972-73 | 1,219 |
| 1973-74 | 1,325 |
| 1974-75 | 1,379 |
| 1975-76 | 2,172 |
| 1976-77 | 3,747 |
| 1977-78 | 5,824 |
| 1978-79 | 7,268 |
| 1979-80 | 7,361 |
| 1980-81 | 6,823 |
| 1981-82 | 4,390 |
| 1982-83 | 4,896 |
| 1983-84 | 5,649 |
| 1984-85 | 5,952 |
| 1985-86 | 6,520 |
| 1986-87 | 6,574 |
| 1987-88 | 6,223 |
| 1988-89 | 4,802 |
| 1989-90 | 3,962 |
| 1990-91 | 5,834 |
| 1991-92 | 9,220 |
| 1992-93 | 9,832 |
| 1993-94 | 19,254 |
| 1994-95 | 25,186 |
| 1995-96 | 21,687 |
| 1996-97 | 26,423 |
| 1997-98 | 29,367 |
| 1998-99 | 32,490 |
| 1999-00 | 38,036 |
| 2000-01 | 42,281 |
| 2001-02 | 54,106 |
| 2002-03 | 76,100 |
| 2003-04 | 1,12,959 |
| 2004-05 | 1,41,514 |
| 2005-06 | 1,51,622 |
| 2006-07 | 1,99,179 |
| 2007-08 | 3,09,723 |
| 2008-09 | 2,51,985 |
| 2009-10 | 2,79,057 |
| 2010-11 | 3,04,818 |
| 2011-12 | 2,94,397 |
| 2012-13 | 2,92,046 |
| 2013-14 | 3,04,223 |
| 2014-15 | 3,41,638 |
| 2015-16 | 3,60,176 |
| 2016-17 | 3,69,955 |
| 2017-18 | 4,24,545 |
| 2018-19 | 4,12,871 |
| 2019-20 | 4,77,807 |
| 2020-21 | 5,76,984 |
| 2021-22 | 6,07,309 |
| 2022-23 | 5,78,449 |
| 2023-24 | 6,46,419 |
| 2024-25 | 6,68,326 |
| 2025-26 | 6,91,108 |
Who is sending money in
Net foreign direct investment, money that buys a lasting stake in a business, was $6.9 billion in 2025-26, a provisional figure. Its highest was $44.0 billion in 2020-21. Net portfolio investment, mostly shares and bonds that can be sold quickly, had its best year in 2023-24, at $44.1 billion, and its worst in 2021-22, at −$16.8 billion. It was −$16.4 billion in 2025-26, also provisional.
- Direct investment
- Portfolio investment
- Provisional
View as a table
| Fiscal year | Direct investment | Portfolio investment |
|---|---|---|
| 2004-05 | 3,713 | 9,287 |
| 2005-06 | 3,034 | 12,494 |
| 2006-07 | 7,693 | 7,060 |
| 2007-08 | 15,893 | 27,433 |
| 2008-09 | 22,372 | -14,030 |
| 2009-10 | 17,966 | 32,396 |
| 2010-11 | 11,834 | 30,293 |
| 2011-12 | 22,061 | 17,170 |
| 2012-13 | 19,819 | 26,891 |
| 2013-14 | 21,564 | 4,822 |
| 2014-15 | 31,251 | 42,205 |
| 2015-16 | 36,021 | -4,130 |
| 2016-17 | 35,612 | 7,612 |
| 2017-18 | 30,286 | 22,115 |
| 2018-19 | 30,712 | -618 |
| 2019-20 | 43,013 | 1,403 |
| 2020-21 | 43,955 | 36,137 |
| 2021-22 | 38,587 | -16,777 |
| 2022-23 | 27,986 | -5,152 |
| 2023-24 | 10,152 | 44,081 |
| 2024-25 | 959 | 3,564 |
| 2025-26 | 6,947 (provisional) | -16,363 (provisional) |
What India buys and sells abroad
India’s merchandise exports were $441.7 billion in 2025-26 and imports $775.0 billion, a trade deficit of $333.2 billion. Oil was $173.9 billion of the imports, 22.4%. That is the widest deficit in the table, which starts in 1987-88. These figures are provisional.
- Exports
- Imports
- Trade balance
- Provisional
View as a table
| Fiscal year | Exports | Imports | Trade balance |
|---|---|---|---|
| 1987-88 | 12,089 | 17,156 | -5,067 |
| 1988-89 | 13,970 | 19,497 | -5,527 |
| 1989-90 | 16,613 | 21,219 | -4,607 |
| 1990-91 | 18,145 | 24,073 | -5,927 |
| 1991-92 | 17,865 | 19,411 | -1,545 |
| 1992-93 | 18,537 | 21,882 | -3,344 |
| 1993-94 | 22,238 | 23,306 | -1,068 |
| 1994-95 | 26,331 | 28,654 | -2,324 |
| 1995-96 | 31,795 | 36,675 | -4,880 |
| 1996-97 | 33,470 | 39,132 | -5,663 |
| 1997-98 | 35,007 | 41,485 | -6,478 |
| 1998-99 | 33,219 | 42,389 | -9,170 |
| 1999-00 | 36,822 | 49,671 | -12,848 |
| 2000-01 | 44,511 | 50,554 | -6,043 |
| 2001-02 | 43,797 | 51,429 | -7,631 |
| 2002-03 | 52,695 | 61,266 | -8,571 |
| 2003-04 | 63,979 | 78,251 | -14,272 |
| 2004-05 | 83,752 | 1,11,740 | -27,988 |
| 2005-06 | 1,03,044 | 1,49,184 | -46,140 |
| 2006-07 | 1,26,414 | 1,94,809 | -68,395 |
| 2007-08 | 1,63,132 | 2,51,654 | -88,522 |
| 2008-09 | 1,85,295 | 3,03,696 | -1,18,401 |
| 2009-10 | 1,78,751 | 2,88,373 | -1,09,621 |
| 2010-11 | 2,49,816 | 3,69,769 | -1,19,954 |
| 2011-12 | 3,05,964 | 4,89,320 | -1,83,356 |
| 2012-13 | 3,00,401 | 4,90,737 | -1,90,336 |
| 2013-14 | 3,14,416 | 4,50,214 | -1,35,798 |
| 2014-15 | 3,10,352 | 4,48,033 | -1,37,681 |
| 2015-16 | 2,62,291 | 3,81,008 | -1,18,717 |
| 2016-17 | 2,75,102 | 3,84,357 | -1,09,255 |
| 2017-18 | 3,03,373 | 4,64,713 | -1,61,340 |
| 2018-19 | 3,30,080 | 5,14,051 | -1,83,971 |
| 2019-20 | 3,13,288 | 4,74,709 | -1,61,422 |
| 2020-21 | 2,91,809 | 3,94,436 | -1,02,627 |
| 2021-22 | 4,22,004 | 6,13,052 | -1,91,048 |
| 2022-23 | 4,51,070 | 7,15,969 | -2,64,899 |
| 2023-24 | 4,37,072 | 6,73,992 | -2,36,920 |
| 2024-25 | 4,37,705 | 7,21,132 | -2,83,427 |
| 2025-26 | 4,41,730 (provisional) | 7,74,978 (provisional) | -3,33,248 (provisional) |
What India owes abroad
India’s gross external debt was $762.8 billion at the end of 2025-26, of which $149.2 billion, 19.6%, was short-term. It was 20.8% of GDP; the highest since 2007-08 was 23.9% in 2013-14. Servicing it took 5.8% of the country’s current receipts; the highest was 8.8% in 2015-16.
- External debt, % of GDP
- Debt service, % of current receipts
View as a table
| Fiscal year | External debt, % of GDP | Debt service, % of current receipts |
|---|---|---|
| 2007-08 | 18.3 | 4.8 |
| 2008-09 | 20.7 | 4.4 |
| 2009-10 | 18.5 | 5.8 |
| 2010-11 | 18.6 | 4.4 |
| 2011-12 | 21.1 | 6.0 |
| 2012-13 | 22.4 | 5.9 |
| 2013-14 | 23.9 | 5.9 |
| 2014-15 | 23.8 | 7.6 |
| 2015-16 | 23.4 | 8.8 |
| 2016-17 | 19.8 | 8.3 |
| 2017-18 | 20.1 | 7.5 |
| 2018-19 | 19.9 | 6.4 |
| 2019-20 | 20.9 | 6.5 |
| 2020-21 | 21.1 | 8.2 |
| 2021-22 | 19.9 | 5.2 |
| 2022-23 | 19.1 | 5.3 |
| 2023-24 | 19.2 | 6.7 |
| 2024-25 | 19.8 | 6.6 |
| 2025-26 | 20.8 | 5.8 |
What this can and cannot tell you
Every figure here is from RBI’s Handbook of Statistics, and the trade figures there are from the Directorate General of Commercial Intelligence and Statistics. The exchange rates are yearly averages and closing rates, not the day-to-day market. The effective exchange rate indices use consumer prices for the real series, and the weights are RBI’s. Reserves are the stock at the end of each fiscal year, and they move with the value of what they hold as well as with purchases and sales.
The investment figures are net: money coming in less money going out, so a negative number is an outflow, not a zero. Where RBI’s table shows no figure for a year, the year is left out, not filled in.
These are nominal figures in the currency each chart names. They are not adjusted for inflation, and this page does not say why the rupee moved.
Where the numbers come from
Handbook of Statistics on the Indian Economy, Table 133: Exchange Rate of the Indian Rupee vis-à-vis the SDR, US Dollar, Pound Sterling, D.M./Euro and Japanese Yen (Financial Year-Annual Average and end-Year Rates)
- Fetched automatically
Reserve Bank of India. Retrieved 29 September 2026. Source page.
- Reserve Bank of India
- RBI's table was dated Jul 31, 2026. Where RBI shows no figure for a year, the year is left out.
Handbook of Statistics on the Indian Economy, Table 135: Indices of Nominal Effective Exchange Rate (NEER) and Real Effective Exchange Rate (REER) of the Indian Rupee (40-Currency Basket) (Financial Year - Annual Average)
- Fetched automatically
Reserve Bank of India. Retrieved 29 September 2026. Source page.
- Reserve Bank of India
- RBI's table was dated Jul 31, 2026. Where RBI shows no figure for a year, the year is left out.
Handbook of Statistics on the Indian Economy, Table 144: Foreign Exchange Reserves
- Fetched automatically
Reserve Bank of India. Retrieved 29 September 2026. Source page.
- Reserve Bank of India
- RBI's table was dated Jul 31, 2026. Where RBI shows no figure for a year, the year is left out.
Handbook of Statistics on the Indian Economy, Table 143: Foreign Investment Inflows
- Fetched automatically
Reserve Bank of India. Retrieved 29 September 2026. Source page.
- Reserve Bank of India
- RBI's table was dated Jul 31, 2026. Where RBI shows no figure for a year, the year is left out.
Handbook of Statistics on the Indian Economy, Table 111: India’s Foreign Trade - US Dollar
- Fetched automatically
Reserve Bank of India. Retrieved 29 September 2026. Source page.
- Reserve Bank of India
- Directorate General of Commercial Intelligence and Statistics
- RBI's table was dated Jul 31, 2026. Where RBI shows no figure for a year, the year is left out.
Handbook of Statistics on the Indian Economy, Table 145: India’s External Debt - US Dollar (end-March)
- Fetched automatically
Reserve Bank of India. Retrieved 29 September 2026. Source page.
- Reserve Bank of India
- Ministry of Finance, Government of India
- RBI's table was dated Jul 31, 2026. Where RBI shows no figure for a year, the year is left out.