India's forex kitty shrinks by $1.27 billion as gold reserves slide
In the week ending October 23, India witnessed a decline in foreign exchange reserves, dropping by $1.269 billion to a total of $719.748 billion. This decrease was primarily driven by a notable reduction in the value of gold reserves. However, foreign currency assets saw a rise of $1.358 billion, reaching $593.205 billion.
India's foreign exchange reserves declined by $1.269 billion to $719.748 billion in the week ending October 23, 2026, according to the Reserve Bank of India (RBI). The primary cause of the decrease was a $2.650 billion drop in gold holdings, which fell to $103.150 billion. Despite this, foreign currency assets, the largest component of reserves, rose by $1.358 billion to $593.205 billion.
Other reserves components showed mixed changes, with SDRs increasing by $27 million to $18.605 billion and the IMF reserve position falling by $4 million to $4.787 billion. The country's foreign exchange reserves remained $28.640 billion higher than in March 2026. Additionally, bank credit growth accelerated, with outstanding credit rising 18.2% year-on-year to Rs 227.43 lakh crore, and deposit growth also outpaced expectations, increasing 16.7% year-on-year to Rs 278.76 lakh crore.
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