Money
Reserve Bank of India data shows total foreign exchange reserves reached $719.55 billion as gold holdings jumped $2.2 billion, while bank credit expanded 19.5% year-on-year.
Key points
- India’s foreign exchange reserves increased by $2.49 billion to reach $719.55 billion for the week ended November 6, 2026.
- RBI gold reserves surged by $2.205 billion during the week to stand at $104.80 billion.
- Foreign currency assets rose by $232 million during the week to reach $591.35 billion.
- Commercial bank credit grew 19.5% year-on-year to ₹231.82 lakh crore as of October 31, 2026.
- Aggregate bank deposits expanded 16.9% year-on-year to ₹282.51 lakh crore.
India forex reserves increased by $2.49 billion during the week ended November 6, 2026, bringing total foreign exchange holdings to $719.55 billion, according to data released by the Reserve Bank of India in its weekly statistical supplement. The gain was primarily driven by a substantial appreciation in the value of the central bank’s gold holdings, alongside steady gains in foreign currency assets.
Gold and foreign currency assets drive reserve expansion
The Reserve Bank of India (RBI) reported that total foreign exchange reserves stood at ₹67,58,986 crore, or $719.547 billion, as of November 6. Within the reserve basket, gold assets experienced the sharpest weekly increase, surging by $2.205 billion to reach $104.80 billion. In rupee terms, gold reserves were reported at ₹9,84,377 crore.
Foreign Currency Assets (FCA), which constitute the largest component of India’s international reserves, rose by $232 million during the week to reach $591.35 billion (₹55,54,700 crore). Special Drawing Rights (SDRs) held with the International Monetary Fund (IMF) rose by $52 million to $18.61 billion, while India’s reserve position in the IMF gained $1 million to touch $4.79 billion.
Bank credit and deposit growth show strong momentum
Alongside foreign reserve figures, the central bank released scheduled commercial banking data for the fortnight ending October 31, 2026. The data reflected robust growth in domestic credit and deposit collection across commercial banks.
Total bank credit grew by 19.5% on a year-on-year basis to reach ₹231.82 lakh crore (₹2,31,82,499 crore), up significantly from the 11.3% annual growth recorded in the corresponding period of the previous year. Non-food credit expanded to ₹230.59 lakh crore, demonstrating sustained demand for credit from commercial enterprises and households.
Aggregate deposits with scheduled commercial banks climbed 16.9% year-on-year to reach ₹282.51 lakh crore (₹2,82,51,076 crore). This marks a notable acceleration from the 9.8% deposit growth recorded a year earlier. Time deposits accounted for the bulk of overall liabilities, standing at ₹247.74 lakh crore, while demand deposits reached ₹34.77 lakh crore.
Broad money supply (M3) grew by 16.5% year-on-year as of October 31, 2026, bringing total money stock to ₹337.68 lakh crore, compared to a 9.3% expansion recorded in the previous year.
Key figures from the RBI statistical supplement
- Total Foreign Exchange Reserves: $719.55 billion (up $2.49 billion in the week ended Nov 6, 2026)
- Gold Reserves: $104.80 billion (up $2.205 billion)
- Foreign Currency Assets: $591.35 billion (up $232 million)
- Bank Credit Outstanding: ₹231.82 lakh crore (19.5% YoY growth)
- Aggregate Deposits Outstanding: ₹282.51 lakh crore (16.9% YoY growth)
- Broad Money Supply (M3): ₹337.68 lakh crore (16.5% YoY growth)
RBI maintains liquidity absorption operations
Data on central bank liquidity management showed that the RBI continued to absorb surplus liquidity from the domestic banking system through its Liquidity Adjustment Facility (LAF). Between November 2 and November 8, 2026, daily net liquidity absorption ranged from ₹1.46 lakh crore to ₹2.13 lakh crore.
The central bank utilized the Standing Deposit Facility (SDF) and Variable Rate Reverse Repo (VRRR) auctions to sterilize excess interbank cash balances, with daily SDF absorption peaking at ₹2.02 lakh crore on November 6.
What this means for investors
The expansion in India forex reserves provides a vital macroeconomic buffer for financial markets. A strong reserve balance equips the RBI with ample ammunition to mitigate currency volatility during periods of global market turbulence, supporting stability in the Indian rupee and reassuring foreign portfolio investors.
For equity and debt investors, the robust 19.5% year-on-year growth in bank credit indicates healthy economic activity and expanding corporate demand for capital. The parallel 16.9% increase in deposit growth suggests that commercial banks are improving their resource base to fund loan expansion, helping to sustain credit availability without exerting severe strain on banking balance sheets.
Furthermore, active liquidity absorption by the RBI reflects a controlled monetary environment. Investors in Indian fixed-income securities and money market instruments should monitor how bank credit demand and central bank liquidity management influence short-term money rates in the coming months.
Frequently asked questions
What caused the latest surge in India’s forex reserves? The weekly increase of $2.49 billion in India forex reserves was predominantly driven by a $2.205 billion rise in the value of the RBI’s gold reserves, alongside a $232 million gain in foreign currency assets.
How fast is bank credit growing in India? Commercial bank credit grew at an annual rate of 19.5% as of October 31, 2026, taking total outstanding bank credit to ₹231.82 lakh crore.
What is the current level of aggregate deposits in Indian banks? Aggregate deposits with commercial banks reached ₹282.51 lakh crore as of October 31, 2026, reflecting a 16.9% year-on-year growth rate.
This article is for information only and is not investment advice. Do your own research or consult a licensed adviser before investing.
Based on information published by Reserve Bank of India (RBI). Source: Reserve Bank of India (RBI). Spotted an error? corrections@moneypuran.com
