India forex reserves fall $12.95 billion to $734.60 billion
In short
India’s foreign exchange reserves fell by $12.95 billion to $734.60 billion as of October 2. The week before, they had already dropped by $18.34 billion to $747.56 billion.
This matters because reserves are a cushion for the rupee and the economy. The report says the RBI data showed weaker foreign currency assets and gold reserves, but it does not say what happens next.
What the reporting says
India's foreign exchange reserves fell by $12.95 billion to $734.60 billion as of October 2, according to RBI data. The drop was linked to declines in foreign currency assets and gold reserves, after a $18.34 billion fall the previous week to $747.56 billion. The immediate effect is another week of reserve erosion, but the reporting does not say whether the RBI will keep selling dollars.
Why it matters
India's foreign exchange reserves fell by $12.95 billion to $734.60 billion as of October 2, according to RBI data. The decline followed a $18.34 billion drop in the prior week to $747.56 billion and was linked to lower foreign currency assets and gold reserves. The reporting does not provide a next step from the RBI or say how long the decline will continue.