India forex reserves drop $8.578 billion to $726.027 billion
In short
India’s foreign exchange reserves fell by $8.578 billion to $726.027 billion in the week ended October 9, according to RBI data. It was the fifth straight weekly drop, after a $12.952 billion fall the week before.
This matters because reserves support the rupee and external payments. The report does not say what caused the latest decline.
What the reporting says
India’s foreign exchange reserves fell by $8.578 billion to $726.027 billion in the week ended October 9, according to RBI data. The latest decline followed a $12.952 billion drop in the previous week, extending a five-week slide. The reporting says foreign currency assets and gold reserves fell sharply, while SDRs and India’s IMF reserve position also declined. What triggered the run of declines was not stated.
Why it matters
India’s reserves fell to $726.027 billion in the week ended October 9, based on RBI data. The drop was led by foreign currency assets and gold reserves, with SDRs and India’s IMF reserve position also lower. This matters for the rupee, which was said in syndicated summaries to be near a one-month high, but the reporting does not explain the cause of the reserve decline.