India’s forex reserves down $2.3 billion to $700.24 billion for week ending September 26

For the previous week, India’s foreign exchange reserves stood at $702.9 billion as on September 12.

Foreign currency assets, constituting the largest segment of the reserves, dropped by $4.39 billion to $581.76 billion during the same period. These assets, when measured in US dollars, reflect the impact of movements in other major global currencies—such as the euro, pound sterling, and yen—held within the reserve portfolio.

In the recent MPC meet, RBI governor Sanjay Malhotra said that India’s forex reserves remain sufficient for 11 months of merchandise imports or 95.4 per cent of the country’s outstanding external debt as of end-March 2025.

Gold holdings went up by $2.23 billion to $95 billion, as per the central bank’s release. Moreover, Special Drawing Rights (SDRs) noted a drop of $90 million, bringing the total to $18.78 billion. Meanwhile, India’s reserve position with the International Monetary Fund (IMF) decreased by $784 million, reaching $4.67 billion during the reporting period.

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The Reserve Bank of India routinely monitors developments in the foreign exchange market and undertakes interventions when necessary to preserve orderly trading conditions. Such interventions aim to moderate undue volatility in the rupee’s exchange rate and are not guided by any fixed exchange rate target or band.