India’s forex reserves fall by $8.58 billion to $726.03 billion

The Reserve Bank of India reported that India's forex reserves declined by $8.58 billion to $726.03 billion during the week ending October 9. This marks a decrease from the previous reporting week, when reserves fell by $12.95 billion to $734.61 billion. The reserves had previously reached an all-time high of $785.71 billion for the week ending September 4, fueled by a significant infusion of currency as part of a special concessional swap for diaspora deposits.

However, reserves have been gradually declining since then. The foreign currency assets, a key component of the reserves, dropped by $7.14 billion to $597.61 billion during the week. The value of gold reserves also decreased by $1.32 billion to $105.09 billion, while Special Drawing Rights fell by $109 million to $18.55 billion. India's reserve position with the IMF also dropped by $10 million to $4.78 billion.