Reserve Bank of India · · Revised 4 series
India, October 2026: overnight bank rate rises above the 5.50% repo rate
India's overnight interbank lending rate rose to 5.69% in the week to October 23, above the 5.50% repo rate. The October rate hike is now reaching bank funding. The rupee ended October at 95.25 per US dollar.
A data update from FactIQ, written from Reserve Bank of India figures. What is FactIQ?
Key figures
- India weighted average overnight interbank (call money) rate, week to October 23, 2026
- 5.69%up from 5.13% in the week to October 2; above the 5.50% repo rate2025-11-282026-10-23Weekly Weighted Average Call and Notice Money Market Rates for Borrowings and Lendings
- Rupee per US dollar, end of October 2026
- 95.25closed the month about 0.8% stronger2022-11-302026-10-31End of month exchange rate of the Indian Rupee against the United States Dollar
- Weakest rupee fixing per US dollar, October 2026
- 96.772022-11-302026-10-31Highest monthly exchange rate of the Indian Rupee against the United States Dollar
- Average rupee per US dollar, October 2026
- 95.51almost the same as September2022-11-302026-10-31Monthly average exchange rate of the Indian Rupee against the United States Dollar
Overnight borrowing costs for banks have risen above the policy rate
The call money rate is the interest rate banks charge each other for overnight loans. It shows how tight funding is in the banking system. The weighted average call money rate rose to 5.69% in the week to October 23. In the week to October 2 it was 5.13%.
- Over two successive weeks the rate was 5.55% and then 5.69%.
- Both readings are above the 5.50% repo rate. The repo rate is the main policy rate of the Reserve Bank of India (RBI).
- In October the RBI raised rates for the first time in nearly four years, which took the repo rate to 5.50%.
- The rise in overnight rates came as the banking system's cash surplus disappeared.
The rupee weakened sharply during October but ended the month firmer
The exchange rate is quoted in rupees per US dollar, so a higher number means a weaker rupee.
- October's weakest rupee fixing was 96.77 per US dollar.
- The rupee closed the month at 95.25 per US dollar.
- It closed October about 0.8% stronger.
The monthly average barely changed from September
The rupee averaged 95.51 per US dollar in October. That was almost the same as its September average.
Source: Reserve Bank of India. See all RBI data in FactIQ.