Forex reserves fall US$ 13 billion in a week to US$ 734.6 billion
Reserves fell for a second big week to October 2, 2026, while bank loans grew 19.4% and deposits 17.8% in the year to September 30.
Official title: Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract · Press Release 2026-2027/1299
What happened
India's foreign exchange reserves were US$ 734.6 billion on October 2, 2026, down US$ 13.0 billion in a week after an US$ 18.3 billion fall the week before. Foreign currency assets fell US$ 10.7 billion and gold US$ 2.3 billion. The release does not say why. Reserves are still US$ 43.5 billion above end-March.
At September 30, bank deposits were up 17.8% over a year and loans up 19.4%. Broad money (M3) grew 16.9%. Banks continued to have surplus cash: RBI absorbed between ₹1.3 lakh crore and ₹3.5 lakh crore a day. State governments' short-term borrowing from RBI jumped to ₹38,414 crore from ₹8,590 crore a week earlier.
What it means for you
No direct effect. Reserves remain large, though two weeks of steep falls are worth watching for signs of pressure on the rupee.
What it means for businesses
Importers and firms with dollar loans should note the pace of reserve use. Bank cash remains plentiful, so short-term funding is cheap.
Read the original
Press release on rbi.org.in ↗ Official PDF ↗
This explainer simplifies the official text. If anything here differs from the RBI's release, the release is right.