India's forex reserves fall $2.6 billion to $717 billion as of October 30

The Economic Times · ET Online · 2026-11-06 11:48 UTC

India's foreign exchange reserves fell by $2.691 billion to $717.056 billion in the week ended October 30, extending a decline from their September peak. Experts attribute the drawdown partly to the deployment of FCNR(B) funds and RBI's dollar sales to support the rupee, while foreign currency and gold assets declined.

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The reserves touched an all-time high of $785.7 billion in the week ended September 4, following substantial foreign currency inflows through a special concessional swap scheme for diaspora deposits.

Under the scheme, banks raised a record nearly $133 billion. However, the country's forex reserves have been on a declining trajectory since then.

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