India's forex reserves, the week to September 25, 2026
India's forex reserves fell US$ 18.3 billion in a week
India's forex reserves fell US$ 18.3 billion in the week to September 25, 2026, to US$ 747.6 billion. Key takeaways from the RBI's weekly data:
1. Most of the fall was foreign currency. It fell US$ 15.6 billion, or 85% of the drop, and gold made up most of the rest.
2. In rupees, the year's rise looks bigger than it is. Reserves are up 15.3% on a year in rupees, but only 6.8% in dollars. The difference is the rupee, which weakened from ₹88.7 to ₹95.8 per dollar.
3. Banks are growing fast. Deposits are up 17.3% on a year and loans up 18.1%, against 9.5% and 10.4% a year ago.
4. Banks are paying more for deposits. Since March 31, money in current and some savings accounts fell ₹3.5 lakh crore, while fixed deposits and the rest of savings rose ₹17.5 lakh crore. Current accounts cost banks little to nothing in interest, while fixed deposits cost more. So the shift towards fixed deposits is making bank funding more expensive.
5. Banks have spare cash. Between September 21 and September 27, the RBI soaked up ₹1.8 lakh crore to ₹3.1 lakh crore of it every day.
So the reserves may have had a bad week, but the banks are growing fast and have cash to spare.
India's forex reserves fell US$ 38.1 billion in 3 weeks
India's forex reserves every Friday for a year. They peaked on September 4 and have fallen every week since.
Peaked at US$ 785.7 billion
Each point is the level on a Friday, from that week's RBI release.
RBI, Weekly Statistical Supplement, October 3, 2025 to October 2, 2026