India’s strongest data-led domestic economic story is sitting inside a short RBI press release.
The Reserve Bank of India said that its special USD-INR swap facility had generated $56.846 billion in foreign-exchange inflows by 13 August, led overwhelmingly by FCNR(B) deposits. The response was strong enough for the central bank to restrict eligible FCNR(B) deposits to those mobilised by 31 August 2026.
Where the $56.846 billion came from
| RBI swap channel | Inflows to 13 Aug | Share of total* | Direction |
|---|---|---|---|
| FCNR(B) deposits | $52.300bn | 92.0% | 🟢↑ |
| Overseas Foreign Currency Borrowings — OFCBs | $2.805bn | 4.9% | 🟢↑ |
| External Commercial Borrowings — ECBs | $1.741bn | 3.1% | 🟢↑ |
| Total | $56.846bn | 100% | 🟢↑ |
Source figures are directly from the RBI’s 14 August release. Percentages marked with an asterisk are Nine145 arithmetic calculations from those RBI figures, rounded to one decimal place; they are not separate RBI estimates.
India forex-reserve position
| RBI reserve component | 31 Jul 2026 | 7 Aug 2026 | Movement |
|---|---|---|---|
| Foreign currency assets | $564.680bn | $574.625bn | 🟢↑ |
| Gold | $104.743bn | $108.738bn | 🟢↑ |
| SDRs | $18.666bn | $18.745bn | 🟢↑ |
| IMF reserve tranche position | $4.778bn | $4.894bn | 🟢↑ |
| Total reserves | $692.866bn | $707.002bn | 🟢↑ $14.136bn |
RBI data show reserves reached $707.002 billion on 7 August, up $14.136 billion in one week — the largest weekly rise since January. Foreign currency assets contributed $9.945 billion of that weekly increase. Reserves had increased by roughly $40 billion over the preceding six weeks amid strong policy-induced inflows.
The deadlines that now matter
| Facility | Latest RBI position |
|---|---|
| FCNR(B) deposits eligible for special swap | Deposits mobilised up to 31 Aug 2026 |
| RBI swap can be availed for those FCNR(B) deposits | Up to 11 Sep 2026 |
| ECB and OFCB scheme | Continues through 31 Dec 2026 |
(From the RBI release)
The RBI’s displayed reference exchange rate was ₹95.4263 per U.S. dollar at 1 PM on 14 August, while the policy repo rate stood at 5.25%.
What the numbers tell us
Nine145 analysis: The most striking number is the composition rather than simply the total. Approximately 92% of the $56.846 billion reported under the swap facilities came through FCNR(B) deposits.
That explains why the RBI could shorten the FCNR(B) window without simultaneously closing the ECB and OFCB facilities: the exceptional response was concentrated in one channel. The central bank itself said the decision followed the encouraging response and resultant forex inflows.
There is also an important distinction between inflows under the swap programme and the change in headline foreign-exchange reserves. They should not be equated dollar-for-dollar. Reserve levels also reflect RBI market operations and valuation changes in foreign currencies, gold, SDRs and other components. The central-bank intervention to support the rupee may have offset part of the incoming dollar flows.
That distinction prevents a common data-journalism error: $56.846 billion of programme inflows does not mean India’s reserves rose by $56.846 billion. The two series measure different things.
