India's foreign exchange reserves fall $5.011 billion to $721.016 billion
Business
India's foreign exchange reserves dropped by $5.011 billion last week, now standing at $721.016 billion as of October 16, 2026.
This marks the second weekly fall in a row. Reserves have slid steadily since hitting a record high in early September.
India's foreign assets fell, gold rose
Most of the decline came from shrinking foreign currency assets, even though gold reserves actually grew by $706 million.
Experts say this slide is mainly due to the Reserve Bank of India (RBI) selling dollars to stabilize the rupee and banks tapping into special overseas funds.
Despite these moves, India's overall reserve position with the International Monetary Fund (IMF) saw a small boost.