Reserve Bank of India (RBI) | FX Bank Forecast

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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 38 institutional desks. No promotion.

RBI & the INR: common questions

When is the next RBI meeting?

The next Reserve Bank of India (RBI) policy decision is scheduled for Dec 2-4. Because Reserve Bank of India sets monetary policy for the INR, its rate decisions and forward guidance are among the most important scheduled catalysts for INR exchange rates, and sell-side FX desks reposition their INR forecasts around each meeting. FX Bank Forecast tracks how the major investment banks' INR targets shift before and after RBI decisions, so you can see whether the consensus is moving with the policy path or diverging from it. Watching the cross-bank reaction to each meeting is often a more durable signal than any single house call.

What is the RBI's current policy stance?

Reserve Bank of India's policy lean is read from its most recent decisions and guidance. A more hawkish stance — biased toward higher-for-longer rates — tends to be supportive of the INR, while a dovish, easing-biased stance tends to weigh on it, though the market reaction always depends on what was already priced in. What matters for INR forecasting is less the stance in isolation than how it compares with what investment banks expected and how it shifts the projected rate path. FX Bank Forecast aggregates how 38 major banks read the RBI path and translates it into where the INR consensus and its dispersion sit.

How does the RBI affect the INR?

Monetary-policy expectations are one of the dominant drivers of currency moves, so Reserve Bank of India's decisions — and, just as importantly, how they compare with other central banks — feed directly into where strategists set their INR targets. Relative policy paths (the RBI versus the Fed and other majors), the pace of cuts or hikes, and the tone of guidance are the channels through which RBI actions transmit into the INR. FX Bank Forecast compares the published INR forecasts of 38 major investment banks side by side and shows how that consensus — and the spread of views around it — shifts as the RBI outlook evolves.

See the INR bank consensus and how it shifts around RBI decisions

2026-10-12	Inflation Rate YoY (Sep)	IN	Med	4.9%	4.82%
2026-10-15	Balance of Trade (Sep)	IN	Med	-29.5	-43.81
2026-10-23	HSBC Services PMI (Oct)	IN	Med	—	55.2
2026-10-23	S&P Global Composite PMI (Oct)	IN	Med	—	55.9 Points
2026-10-23	HSBC Manufacturing PMI (Oct)	IN	Med	—	55.1
2026-10-28	Industrial Production YoY (Sep)	IN	Med	5%	8%
2026-10-28	Manufacturing Production YoY (Sep)	IN	Med	5.8%	9%

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RBI & the INR: common questions

When is the next RBI meeting?

What is the RBI's current policy stance?

How does the RBI affect the INR?