The Rupee's Reserves Paradox: Why Strong Numbers Don't Equal Strength The Reserve Bank of India (RBI) has been boasting record foreign exchange reserves, with a staggering $785.
71 billion in the week of September 4, 2026. However, despite this impressive figure, the rupee remains stuck around the 95. 7 96/dollar range, raising questions about the RBI's ability to control exchange rates.
Much of the increase in forex reserves can be attributed to the RBI's special FCNR(B) deposits scheme, which has attracted bumper inflows from non resident Indians (NRIs).