India reserves fall to $734.6 billion as RBI dollar sales continue
In short
India’s foreign exchange reserves dropped to $734.6 billion in the week ended October 2. That was the fourth week in a row of decline, down from $785.71 billion on September 4.
The numbers came out early, before the planned October 9 release. The report does not say how long the slide will continue or what the next level may be.
What the reporting says
India’s foreign exchange reserves fell to $734.6 billion in the week ended October 2, marking a fourth straight weekly decline and down from a recent peak of $785.71 billion on September 4. The latest figures were released earlier than the scheduled October 9 date, according to a footnote to governor Sanjay Malhotra’s monetary policy statement on Wednesday. The reporting does not state the reason for the drop beyond dry FCNR inflows and continued RBI dollar sales in the headline.
Why it matters
The Reserve Bank of India’s reserve position fell to $734.6 billion in the week ended October 2, extending a four-week decline from a recent $785.71 billion peak on September 4. The numbers were released ahead of schedule, tied to a footnote in Governor Sanjay Malhotra’s monetary policy statement. The source does not quantify the reserve drag from FCNR inflows or dollar sales.