India's external debt stood at US$ 778.2 billion in Jun-26

Reserve Bank of India stated today that at end-June 2026, India’s external debt was placed at US$ 778.2 billion, an increase of US$ 15.4 billion over its level at end-March 2026. The external debt to GDP ratio moderated to 20.8 per cent at end-June 2026 from 20.9 per cent at end-March 2026. Valuation gains due to the appreciation of the US dollar vis-à-vis major currencies such as Yen and Euro amounted to US$ 0.9 billion. Excluding the valuation effect, external debt would have increased by US$ 16.4 billion instead of US$ 15.4 billion at end-June 2026 over end-March 2026.

At end-June 2026, long-term debt (with original maturity of above one year) was placed at US$ 624.7 billion, recording an increase of US$ 11.2 billion over its level at end-March 2026. The share of short-term debt (with original maturity of up to one year) in total external debt increased to 19.7 per cent at end-June 2026 from 19.6 per cent at end-March 2026. Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves increased to 23.0 per cent at end-June 2026 (21.6 per cent at end-March 2026).

Short-term debt on residual maturity basis (i.e., debt obligations that include long-term debt by original maturity falling due over the next twelve months and short-term debt by original maturity) constituted 43.4 per cent of total external debt at end-June 2026 (42.9 per cent at end-March 2026) and stood at 50.5 per cent of foreign exchange reserves (47.3 per cent at end-March 2026) (Table 2).

US dollar-denominated debt remained the largest component of India’s external debt, with a share of 54.8 per cent at end-June 2026, followed by debt denominated in the Indian rupee (29.8 per cent), Yen (6.9 per cent), SDR2 (4.1 per cent), and Euro (3.5 per cent).

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