India's forex reserves fall by $14.9B to hit $765B
What's the story
India's foreign exchange reserves have witnessed a significant decline of $14.9 billion. This brings the total down to $765.9 billion for the week ending September 18, as per data released by the Reserve Bank of India (RBI). The fall is largely attributed to a dip in Foreign Currency Assets (FCA), which is the largest component of these reserves.
Reserve
FCA sees major decline
The RBI's data shows that FCA declined by $14.8 billion to $631 billion during the week in question. This decline has largely contributed to the overall dip in India's forex reserves.
However, it's not all bad news as gold reserves saw a marginal increase of $68 million, taking their total value to $111.3 billion for the same period.
SDR
SDRs and IMF reserve position also dip
Along with FCA and gold reserves, Special Drawing Rights (SDRs) also witnessed a decline of $106 million to $18.74 billion during the week ending September 18.
India's reserve position in the International Monetary Fund (IMF) also saw a minor dip of $27 million, bringing it down to $4.89 billion for this period.
Comparison
Year-on-year increase in forex reserves
Despite the sharp weekly decline, India's forex reserves are still $74.8 billion higher than their level at the end of March 2026.
On a year-on-year basis, these reserves have increased by $63.3 billion.
This shows that even with this week's decline, India is in a better position compared to previous periods in terms of foreign exchange reserves.