Overview

• RBI data show a quarter-on-quarter increase of $11.2 billion, with $5.1 billion attributed to valuation loss from currency movements and an underlying rise of $6.2 billion.
• The external debt-to-GDP ratio eased to 18.9% from 19.1% at end-March 2025.
• Long-term liabilities rose to $611.7 billion, while the short-term share on an original-maturity basis edged down to 18.1%.
• On a residual-maturity basis, short-term obligations were 40.7% of total external debt and 43.6% of foreign exchange reserves.
• US dollar borrowings made up 53.8% of the total; non-financial corporations held the largest sectoral share, loans were the biggest instrument, and debt service held at 6.6% of current receipts.