India Forex Reserves October 2026: Down $8.58 Billion to $726.03 Billion in Week to October 9

The latest India forex reserves October 2026 numbers point the same way as the last few weeks: down. The Reserve Bank of India’s weekly foreign exchange reserves table, out on Friday, October 16, shows total reserves dropped $8.578 billion to $726.027 billion in the week ended October 9, 2026. As Business Standard pointed out, that makes it five weekly falls in a row. Our stock market today India hub has the day-to-day market picture.

India forex reserves October 2026: the numbers in the RBI table

Everything below comes from the RBI table for the week ended October 9. Changes are against the previous week unless we say otherwise.

• Total reserves: $726.027 billion (₹70,22,417 crore), down $8.578 billion in the week.
• Foreign currency assets (FCA): $597.605 billion, down $7.142 billion.
• Gold: $105.094 billion, down $1.319 billion.
• Special Drawing Rights (SDRs): $18.548 billion, down $109 million.
• Reserve position in the IMF: $4.780 billion, down $10 million.

Do the sums and foreign currency assets explain about 83% of the week’s drop ($7.142 billion of $8.578 billion). They also made up about 82% of total reserves at the end of the week. It followed a bigger fall. The RBI table for the previous week had reserves down $12.952 billion to $734.606 billion as of October 2, so roughly $21.5 billion has gone in just two weeks.

The gap to the record high

The Economic Times reported an all-time high of $785.706 billion in the week ended September 4, helped along by inflows tied to a special concessional swap arrangement for deposits from the Indian diaspora. From there, reserves are now down about $59.7 billion, or roughly 7.6%. Business Standard’s estimate of the five-week drawdown comes out the same.

The longer view is calmer. The same RBI table has total reserves $34.92 billion above their end-March 2026 level and $28.24 billion above where they were a year ago. Foreign currency assets are up $45.32 billion since end-March. Gold has gone the other way, with the dollar value of holdings down $10.30 billion over that stretch.

What is pulling reserves down

Business Standard put the fall down to the RBI stepping into the currency market to calm the rupee, which has been squeezed by high crude oil prices, foreign portfolio outflows and steady demand for dollars. The central bank also announced measures on October 10. These include a dedicated dollar window for state-owned oil marketing companies and a foreign exchange risk reserve requirement on certain derivative transactions. We explained them in our piece on the RBI’s dollar window for oil companies.

Some of any weekly drop is valuation, not selling. The Economic Times noted that foreign currency assets are reported in dollars, so moves in other currencies the RBI holds, like the euro, pound and yen, show up in the number too.

Why markets should care

Here’s the interesting part: the rupee had a good week. Business Standard reported it settled at 94.96 per dollar on Friday, against 95.06 the day before. That was its strongest close since September 8, and a 1.9% gain for the week, after it came close to a record low of 96.96 earlier in October. So the RBI’s dollar sales and new rules seem to be steadying the currency. The price is a thinner reserve buffer.

This matters for equity investors. The rupee shapes what foreign investors earn in dollar terms, and it sets the cost of imports such as crude oil. Business Standard also quoted a banker saying the RBI sold dollars heavily in the week to October 16, so the next weekly release could well show another fall. We’d watch crude prices, foreign portfolio flows and that next RBI reserves table. For more on the currency, see our report on the rupee near 95 on October 14.

This article is a news summary for information only and is not investment advice. Please consult a SEBI-registered adviser before making investment decisions.