India's forex reserves fall for fourth week, down $50 bn from Sept peak

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The ‌drawdown reflects the RBI’s dollar sales in the spot market to ‌smooth the rupee’s ​decline, alongside sell/buy FX swaps aimed at ⁠absorbing surplus liquidity

By Reuters

Updated - October 16, 2026 at 01:39 AM. | Mumbai, October 7

Despite RBI’s support, ‌the rupee has continued to weaken, pressured by elevated oil prices, rising US Treasury yields and ‌increased foreign equity outflows. | Photo Credit: FRANCIS MASCARENHAS

India’s foreign exchange reserves ​fell for a fourth ‌consecutive week to $734.6 billion, according ​to a ⁠footnote to Reserve Bank of India Governor Sanjay Malhotra’s ‌statement.

The reserves have dropped from ‌their recent peak ‌of $785.71 billion ⁠on September ⁠4, a decline of about $50 billion in less than ​a month.

The ‌drawdown reflects the RBI’s dollar sales in the spot market to ‌smooth the rupee’s ​decline, alongside sell/buy FX swaps aimed at ⁠absorbing surplus liquidity.

Despite the central bank’s support, ‌the rupee has continued to weaken, pressured by elevated oil prices, rising US Treasury yields and ‌increased foreign equity outflows.

The ​decline accelerated on Wednesday, with the ⁠currency falling nearly 0.5 per cent to ⁠96.8450 per dollar, within sight of ‌its all-time low of 96.96.

Published on October 7, 2026

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