India's forex reserves fell $18.3 billion in the week to 25 September
Victoria Shinder1 min readIndia's foreign exchange reserves fell by $18.3 billion in the week to 25 September, to $747.6 billion, according to the Reserve Bank of India's Weekly Statistical Supplement published on 2 October.
Most of the fall came from foreign currency assets, which declined by $15.6 billion to $615.4 billion. Gold holdings fell by $2.6 billion to $108.7 billion, special drawing rights by $97 million to $18.6 billion, and India's reserve position at the International Monetary Fund by $86 million to $4.8 billion. Measured in rupees, total reserves fell by ₹1,78,698 crore in the week to ₹71,64,287 crore.
Over longer periods the reserves are still higher. They are up $56.5 billion since the end of March 2026 and $47.3 billion on the year, with foreign currency assets up $63.1 billion since end-March while gold is down $6.7 billion over the same period.
The supplement gives the figures without explanation. Weekly changes in foreign currency assets combine the central bank's market operations with valuation effects from movements in other currencies against the dollar, and the fall in gold reflects the price as well as any change in holdings; the RBI publishes its intervention data separately and with a lag. The same release shows aggregate deposits of scheduled commercial banks growing 17.3% on the year to 15 September and bank credit 18.1%.
Why it matters
An $18 billion weekly drop is among the larger moves in India's reserves, and in the absence of an explanation it will be read for signs of rupee defence. The large buffer built since March means the level remains comfortable; the intervention data, when published, will show how much of the move was the RBI's own selling.