India’s total forex reserves fell to $765.9 billion in the week ended September 18. Foreign currency assets accounted for almost all of the decline, while gold holdings edged higher in dollar terms. Reserves remain above their end-March level.
India’s forex reserves fell $14.881 billion to $765.901 billion in the week ended September 18. Foreign currency assets accounted for most of the roughly 1.9% weekly decline. A small rise in the dollar value of gold reserves was not enough to offset the fall.
An archived copy of the Reserve Bank of India’s September 25 weekly bulletin puts the measurement date at September 18. Figures resurfacing in weekend coverage are not a new reserve reading for September 28.
Foreign currency assets account for most of the decline
Foreign currency assets, the largest component, dropped $14.816 billion over the week. Gold gained $68 million in dollar terms, while Special Drawing Rights (SDRs) and India’s reserve position at the IMF declined. The bulletin’s dollar columns show:
| Reserve component | September 18 balance | Weekly change |
|---|---|---|
| Foreign currency assets | $630.980 billion | −$14.816 billion |
| Gold | $111.292 billion | +$68 million |
| SDRs | $18.739 billion | −$106 million |
| IMF reserve position | $4.890 billion | −$27 million |
Total reserves stood at $780.782 billion in the previous week. The reserve stock therefore shrank by roughly $14.9 billion over seven days, despite the increase in the gold component.
Still above end-March despite the weekly fall
The same bulletin puts total reserves $74.793 billion above their end-March level and $63.331 billion above a year earlier. The weekly drop is substantial, but it has not erased the accumulation over those longer periods.
A reserve decline is not a dollar-sales total: The dollar value of foreign currency assets also changes with exchange rates for other currencies in the portfolio. The weekly total alone cannot establish how much the RBI intervened in the market, or how much capital left India.
The Economic Times report also notes that valuation effect. When comparing a reserve release with exchange-rate moves, separating the data period from the publication date matters: the figure announced on September 25 describes balances a week earlier.
