RBI Sells $14.9 Billion to Stabilize Indian Rupee

The Reserve Bank of India sold a net total of $14.9 billion in foreign exchange between January and May 2026. This intervention aimed to curb excess volatility of the Indian Rupee during that period.

Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on August 3, 2026, that the value of the rupee remains market-determined and is not tied to a specific target or band. To support foreign exchange inflows, the central bank introduced measures on June 5, 2026, including a concessional swap facility for External Commercial Borrowings, Overseas Foreign Currency Borrowings, and Foreign Currency Non-Resident (Bank) deposits.