On 9 October 2026, the Reserve Bank of India (RBI) reported that India’s foreign-exchange reserves fell by US$12.952 billion in the week ended 2 October, to US$734.606 billion. The official weekly table attributes most of the dollar-value decline to foreign currency assets and gold; it does not itself state the transactions or valuation changes behind the movement. RBI weekly statistical supplement (opens in a new tab)
Key takeaways
- India’s total reserves were US$734.606 billion on 2 October, down from US$747.558 billion a week earlier, according to the RBI’s 9 October release.
- Foreign currency assets (FCA) fell US$10.664 billion to US$604.747 billion, while the dollar value of gold fell US$2.288 billion to US$106.413 billion.
- Special Drawing Rights rose US$15 million and India’s reserve position in the IMF fell US$15 million, offsetting each other in the weekly total.
- The number is a stock at a specific Friday, reported in US dollars. It is not a direct measure of RBI dollar sales, the rupee’s daily move, or a forecast for either.
- For context, the RBI said on 7 October that reserves as of 2 October remained adequate by standard metrics, with import cover of around 11 months and external-debt cover of 94.4%.
What happened
The RBI’s Weekly Statistical Supplement puts the latest reserve stock at ₹70,73,111 crore, equivalent to US$734.606 billion, as of 2 October. The weekly US-dollar change was –US$12.952 billion. The release says differences, if any, can arise from rounding. The official table (opens in a new tab) also reports that total reserves were US$43.498 billion higher than at end-March 2026 and US$34.645 billion higher than a year earlier.
The largest component, foreign currency assets, contains foreign-currency holdings and is reported by the RBI in dollar terms. Its weekly fall accounted for US$10.664 billion, or about 82% of the total weekly decline when calculated as US$10.664 billion divided by US$12.952 billion. The reported dollar value of gold fell US$2.288 billion; the small SDR and IMF-position changes offset one another.
It is important not to overread that breakdown. A US-dollar value can change when the dollar moves against currencies held in FCA and when gold prices change, as well as when holdings change. The official table does not split this week’s change into valuation effects and transactions. Therefore, it cannot by itself establish the RBI’s spot-market intervention, the quantity of gold held, or an exact explanation for the reserve movement.
Reuters reported on 7 October, before the full weekly supplement, that reserves had fallen for a fourth consecutive week and were down from a US$785.71 billion 4 September peak; its report attributed the broader drawdown to RBI dollar sales to smooth rupee weakness alongside sell/buy FX swaps. That attribution is Reuters’ reporting, not a component-level explanation published in the RBI’s 9 October table. Reuters (opens in a new tab) also noted higher oil prices, US Treasury yields and foreign equity outflows as pressures on the rupee.
Relevant sourced data table
Swipe sideways to read the full table →
| RBI foreign-exchange-reserve component, as of 2 October 2026 | Stock (US$ million) | Week-on-week change (US$ million) | Stock (₹ crore) |
|---|---|---|---|
| Total reserves | 734,606 | -12,952 | 70,73,111 |
| Foreign currency assets | 604,747 | -10,664 | 58,22,889 |
| Gold | 106,413 | -2,288 | 10,24,611 |
| Special Drawing Rights (SDRs) | 18,656 | 15 | 1,79,636 |
| Reserve position in the IMF | 4,789 | -15 | 45,974 |
Source: RBI, Weekly Statistical Supplement, released 9 October 2026. The total’s weekly change equals the sum of the four component changes: -10,664 - 2,288 + 15 - 15 = -12,952 (US$ million). Values are reported by the RBI; decimal-dollar equivalents in the text divide US$ millions by 1,000. The component stocks sum to US$734,605 million, US$1 million below the reported total; the RBI notes that differences may arise from rounding.
Indian market impact — analysis, not an RBI finding
For readers following the forex and markets sections, the immediate point is that reserves are a buffer, not a daily scorecard for the rupee. A sizeable weekly fall may draw attention when external conditions are difficult, but it does not mechanically determine the exchange rate or the direction of Indian shares, bonds or gold.
The market-relevant channels are more specific:
- Rupee and imported inflation. India imports energy and other goods priced in foreign currencies. A weaker rupee can raise the rupee cost of those imports, while a lower oil price or a stronger rupee can work in the other direction. The reserve release does not forecast either input.
- External-liquidity confidence. Reserves can be assessed against imports and external liabilities rather than just their headline level. In the 7 October policy statement, the RBI put import cover at around 11 months and external-debt cover at 94.4% as of 2 October. These are broader adequacy measures, not promises that the reserve stock will not fluctuate. RBI Governor’s statement (opens in a new tab)
- Policy transmission. The 9 October release is a data publication, not a fresh policy action. It does not alter the repo-rate decision announced on 7 October. For the distinction between a policy decision and a later data point, see TradeGrows’ RBI October policy update.
- Valuation versus flows. Readers should avoid treating the total weekly movement as a clean capital-flow figure. FCA and gold are presented in US-dollar values, so valuation may matter even without a one-for-one change in underlying holdings.
This is why a sensible reading is conditional: a further fall alongside sustained external pressures could become more important, while a rebound could reflect valuation, flows, operations or some mix of them. Neither outcome is a trading signal. Readers can use TradeGrows’ market-data method and guide to verifying Indian market claims to separate a reported fact from an inference.
Background
Foreign-exchange reserves are assets held by the central bank and include foreign currency assets, gold, SDRs and India’s reserve position in the International Monetary Fund. They support external payments and can help the RBI manage disorderly market conditions, but the precise mix and use of instruments are not disclosed by a weekly headline table.
The RBI’s definition matters. Its weekly release says FCA exclude SDR holdings, which are reported separately; certain swap arrangements, investment in IIFC (UK) bonds and the RBI’s contribution to Nexus Global Payments are also excluded. So a headline comparison is most reliable when it uses the same RBI series and date convention.
The RBI’s 7 October statement described global conditions as fragile amid higher energy costs, higher food prices, rising advanced-economy bond yields and an appreciating dollar. It also said the central bank remained committed to orderly exchange-rate adjustment consistent with underlying macroeconomic fundamentals and to curbing excessive volatility. That is policy context, not an announced exchange-rate level or an assurance about future reserve changes.
What to watch next
- The next RBI weekly reserve table: compare the same components and the same reporting date rather than relying on daily currency headlines.
- Rupee, crude and global-yield conditions: these are separate market variables that can shape the backdrop but should not be presented as the sole cause of a reserve change without evidence.
- External-sector releases: current-account, trade and capital-flow data provide a broader picture than a single weekly reserve observation.
- RBI communication: look for any explicit operational detail in official statements instead of inferring transactions from the reserve total.
Frequently asked questions
What were India’s forex reserves on 2 October 2026?
The RBI reported total foreign-exchange reserves of US$734.606 billion (₹70,73,111 crore) as of 2 October 2026.
How much did the reserves fall in the latest week?
They fell US$12.952 billion from the preceding week’s reported US$747.558 billion. The RBI table reports the weekly variation in US dollars and rupees.
Which reserve components changed the most?
Foreign currency assets declined US$10.664 billion and the reported US-dollar value of gold declined US$2.288 billion. SDRs rose US$15 million, while the IMF reserve position declined US$15 million.
Does the fall prove that the RBI sold US dollars?
No. The official weekly table gives component values and changes but does not separate transactions from valuation effects. It cannot, by itself, prove the amount of any RBI intervention.
Does this reserve number change the RBI’s October policy decision?
No. The 9 October Weekly Statistical Supplement is a data release. It does not announce a new policy-rate or stance decision.
Related reading
- Forex market coverage
- Indian markets coverage
- RBI’s October 2026 rate decision and calibrated-tightening stance
- How TradeGrows handles market data
- How to verify market claims in India
Sources and Financial-information disclaimer
Primary source: Reserve Bank of India, “Bulletin Weekly Statistical Supplement – Extract,” 9 October 2026 (opens in a new tab). Context on reserve adequacy is from the RBI Governor’s Statement, 7 October 2026 (opens in a new tab). Independent reporting used for the reported September-peak context is Reuters, 7 October 2026 (opens in a new tab).
This article is for general information and market education. It is not personalized financial advice, investment research or a recommendation. Market and macroeconomic conditions can change quickly; verify figures against the original release and read TradeGrows’ financial disclaimer before making decisions.
Return to Latest News →