Economy And YouPolicy. Evidence. Everyday life.
Published by Shri Ajay Maken Member of Parliament, Rajya Sabha
Latest policy brief October 2026

India’s record fall
in reserves,
in dollars.

India's foreign exchange reserves fell by US$ 51.100 billion over four weeks, which ended on 2 October 2026.

This was the largest four-week fall in dollars, in the RBI weekly series which starts in September 1998.

Source: RBI Weekly Statistical Supplement, 9 October 2026, Table 2 ; four-week comparison method.

The four-week fall
51.100US$ billion
Rs 3,51,362 crore
The four weekly falls in reservesUS$ billion0510152111 Sep: 4.924 US$ billion4.92411 Sep18 Sep: 14.881 US$ billion14.88118 Sep25 Sep: 18.343 US$ billion18.34325 Sep2 Oct: 12.952 US$ billion12.9522 Oct
Each bar is one weekly fall in reserves.Four weeks to 2 October 2026 · RBI, Table 2
A question to the Government · End August 2026

The August question

US$ 200.055 billion26.61 per cent of reserves

Will the Government confirm whether net forward sales at the end of August 2026 were US$ 200.055 billion, equal to 26.61 per cent of reserves?

Source: IMF, International Reserves and Foreign Currency Liquidity, India, August 2026; downloaded 10 October 2026 . The total is calculated from the template’s forward sales and purchases.

See the template and the calculation
The economy, explained

Read the evidence.
Understand what it means.

Economic decisions affect the money you earn and spend. These briefs examine official figures, explain the terms and show the calculations so that you can check the evidence yourself.

Fall in total reserves

51.100US$ billion
Rs 3,51,362 crore

Four weeks to 2 October 2026

Fall in foreign currency assets

43.421US$ billion
Rs 3,01,932 crore

Four weeks to 2 October 2026

Outstanding net forward sales

136.768US$ billion
About Rs 13,04,356 crore

At end July 2026

Rupee equivalent at Rs 95.37 per US$ on 31 July 2026; not an RBI rupee valuation.

The RBI’s figures

Four further findings.

Read the evidence

Foreign currency assets

Foreign currency assets fell by US$ 43.421 billion over four weeks, which ended on 2 October 2026. This was also the largest four-week fall in dollars in the RBI weekly series, which starts in September 1998.

Source: RBI Weekly Statistical Supplement, 11 September 2026, Table 2 ; RBI Weekly Statistical Supplement, 9 October 2026, Table 2 .

Annual net dollar sales

The Reserve Bank sold, net, US$ 53.132 billion in 2025-26, which was the most since 1995-96.

Source: RBI Bulletin, 25 September 2026, Table 4 .

Forward sales as a share of reserves

Net forward sales were 19.74 per cent of reserves at the end of July 2026, which was the largest share of the 335 month ends from September 1998 to July 2026.

Source: RBI Bulletin, 25 September 2026, Table 4 ; RBI Weekly Statistical Supplement, 7 August 2026, Table 2 .

The weakest printed rupee rates

The three weakest rupee rates that the Weekly Statistical Supplement has printed all came in 2026.

Source: RBI Weekly Statistical Supplement, 28 August 2026, Table 5 ; RBI Weekly Statistical Supplement, 21 August 2026, Table 5 ; RBI Weekly Statistical Supplement, 9 October 2026, Table 5 .

And you

A dollar bill.
A larger rupee cost.

A family paying a bill priced in dollars needs more rupees when the dollar costs more. The FBIL reference rate published by the RBI rose from Rs 94.49 per dollar on 4 September 2026 to Rs 95.99 on 2 October 2026.

A worked example

Try a fee abroad or another dollar payment.

4 September 2026Rs 9,44,900At Rs 94.49 per US$
2 October 2026Rs 9,59,900At Rs 95.99 per US$
Additional rupees for the same billRs 15,000

Dollar bill × dated reference rate = rupee cost

Source: RBI Weekly Statistical Supplement, 9 October 2026, Table 5, FBIL reference rates.

This is an illustrative comparison of dated reference rates. A bank quote may differ because fees and exchange margins apply.

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The publisher

Shri Ajay Maken

Member of Parliament, Rajya Sabha. A serving Opposition politician, with experience in the Union and Delhi governments.

Source: Rajya Sabha member profile, read 10 October 2026.

His public work