India’s external debt was at $762.8 billion at the end of March 2026 up $26.3 billion from a year ago. As a result, the external debt to GDP ratio increased to 20.8% at the end of March 2026 from 19.8% a year ago. The valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee during the quarter and other major currencies amounted to $24.6 billion, RBI said. Excluding the valuation effect, external debt would have increased by $51 billion instead of $26.3 billion year on year.