Four findings
Six weeks, six falls
The reserves fell in each of the six weeks to 16 October 2026, which ended on 11, 18 and 25 September and on 2, 9 and 16 October. The total was US$ 785.706 billion on 4 September 2026, and it was US$ 721.016 billion by 16 October 2026. In the week to 25 September 2026 the reserves fell by US$ 18.343 billion, on the Reserve Bank's own figure, and that was the largest one-week fall in the series.
Source: RBI, Weekly Statistical Supplement, 11 September 2026, Table 2 ; RBI, Weekly Statistical Supplement, 18 September 2026, Table 2 ; RBI, Weekly Statistical Supplement, 25 September 2026, Table 2 ; RBI, Weekly Statistical Supplement, 2 October 2026, Table 2 ; RBI, Weekly Statistical Supplement, 9 October 2026, Table 2 ; RBI, Weekly Statistical Supplement, 16 October 2026, Table 2 ; RBI, Weekly Statistical Supplement, 23 October 2026, Table 2 .
Five weeks, also a record
The five weeks to 16 October 2026 also set a record. The reserves fell by US$ 59.766 billion in the five weeks to 16 October 2026, which is more than the US$ 59.679 billion of the five weeks to 9 October 2026. Until then, that was the largest five-week fall.
Source: RBI, Weekly Statistical Supplement, 11 September 2026, Table 2 ; RBI, Weekly Statistical Supplement, 18 September 2026, Table 2 ; RBI, Weekly Statistical Supplement, 25 September 2026, Table 2 ; RBI, Weekly Statistical Supplement, 2 October 2026, Table 2 ; RBI, Weekly Statistical Supplement, 9 October 2026, Table 2 ; RBI, Weekly Statistical Supplement, 16 October 2026, Table 2 ; RBI, Weekly Statistical Supplement, 23 October 2026, Table 2 .
Foreign currency assets
Foreign currency assets, which are the reserves held as foreign deposits and securities, fell by US$ 56.321 billion in the six weeks to 16 October 2026. It is also the largest six-week fall in that part of the reserves since September 1998.
Source: RBI, Weekly Statistical Supplement, 11 September 2026, Table 2 ; RBI, Weekly Statistical Supplement, 23 October 2026, Table 2 .
In rupees
Measured in rupees, the reserves fell by Rs 5,78,313 crore in the six weeks to 16 October 2026. That is also the largest six-week fall in rupees that the series holds.
Source: RBI, Weekly Statistical Supplement, 11 September 2026, Table 2 ; RBI, Weekly Statistical Supplement, 23 October 2026, Table 2 .
Six Weeks, Six Falls
The reserves fell in each of the six weeks that ended on 11 September, 18 September, 25 September, 2 October, 9 October and 16 October 2026. On 4 September the total was US$ 785.706 billion, and by 16 October 2026 it was US$ 721.016 billion.
| Week ending | Reserves, US$ billion | Change in the week, US$ billion | Reserves, Rs crore |
|---|---|---|---|
| 4 September 2026 | 785.706 | the week before the six | 74,24,473 |
| 11 September 2026 | 780.782 | fall of 4.924 | 74,60,261 |
| 18 September 2026 | 765.901 | fall of 14.881 | 73,42,985 |
| 25 September 2026 | 747.557 | fall of 18.343 | 71,64,287 |
| 2 October 2026 | 734.606 | fall of 12.952 | 70,73,111 |
| 9 October 2026 | 726.027 | fall of 8.578 | 70,22,417 |
| 16 October 2026 | 721.016 | fall of 5.011 | 68,46,160 |
On the Reserve Bank's own figure, the reserves fell by US$ 18.343 billion in the week to 25 September 2026, which was the largest one-week fall in the series.
The Largest Six-Week Falls Since September 1998
The next largest six-week fall was the one that ended on 15 November 2024, when the reserves fell by US$ 43.284 billion. The fall to 16 October 2026 is larger than that by US$ 21.406 billion.
| Rank | The six weeks, measured from the level on the first date to the level on the second | Fall, US$ billion |
|---|---|---|
| 1 | 4 September 2026 to 16 October 2026 | 64.690 |
| 2 | 4 October 2024 to 15 November 2024 | 43.284 |
| 3 | 26 September 2008 to 7 November 2008 | 40.455 |
| 4 | 13 February 2026 to 27 March 2026 | 37.669 |
| 5 | 12 August 2022 to 23 September 2022 | 33.222 |
The five weeks to 16 October 2026 also set a record. The reserves fell by US$ 59.766 billion in the five weeks to 16 October 2026, which was more than the US$ 59.679 billion of the five weeks to 9 October 2026, the largest five-week fall until then.
What Fell, Part by Part
Foreign currency assets, which are the reserves held as foreign deposits and securities, fell by US$ 56.321 billion in the six weeks to 16 October 2026, and that is 87.1 per cent of the whole fall.
| Part of the reserves | 4 September 2026, US$ billion | 16 October 2026, US$ billion | Fall, US$ billion |
|---|---|---|---|
| Foreign currency assets | 648.168 | 591.847 | 56.321 |
| Gold | 113.816 | 105.800 | 8.016 |
| Special drawing rights | 18.806 | 18.578 | 0.228 |
| Reserve position in the IMF | 4.916 | 4.791 | 0.125 |
| Total reserves | 785.706 | 721.016 | 64.690 |
The fall in foreign currency assets is also the largest six-week fall in that part of the reserves since September 1998.
Measured in rupees, the reserves fell by Rs 5,78,313 crore in the six weeks to 16 October 2026, which is also the largest six-week fall in rupees in the series.
What the Week to 23 October 2026 Will Be Read Against
The Reserve Bank issues its weekly supplement on Fridays, and the issue that is due on 30 October 2026 will give the reserves as they stood on 23 October 2026. The table sets out what that figure will be read against. Each line is worked out from figures already printed, and none of them is a forecast.
| If the figure for 23 October 2026 is | then the series shows |
|---|---|
| below US$ 721.016 billion | the seventh weekly fall in a row |
| below US$ 716.092 billion, which means a fall of more than US$ 4.924 billion in the week | a new six-week record, above the US$ 64.690 billion of the six weeks to 16 October 2026 |
| below US$ 706.135 billion, which means a fall of more than US$ 14.881 billion in the week | a new five-week record, above US$ 59.766 billion |
| below US$ 738.713 billion, which holds unless the reserves rise by US$ 17.697 billion or more in the week | a new seven-week record, above the US$ 46.993 billion of the seven weeks to 15 November 2024 |
| a weekly fall of more than US$ 18.343 billion in the Reserve Bank's own figure | a new one-week record, above the week to 25 September 2026 |
The two weekly thresholds come from the weeks that drop out of each span. The six weeks to 23 October leave out the week to 11 September, when the reserves fell by US$ 4.924 billion, so any fall that is larger than that in the new week would set a six-week record. In the same way, the five weeks to 23 October leave out the week to 18 September, when the reserves fell by US$ 14.881 billion, so a larger fall than that would set a five-week record.
The reserves' total has come down by US$ 64.690 billion since 4 September 2026, and the figure for 23 October 2026 will show if the falls have run into a seventh week.
Terms used
- Foreign exchange reserves
- Foreign exchange reserves are assets held by the Reserve Bank in foreign currencies, gold and claims on the International Monetary Fund.
- Foreign currency assets
- These are the foreign-currency assets within the reserves, such as securities and deposits.
- Six-week span
- A six-week span is any six weekly changes in a row.
Reports and source data
Sources and method
Every figure comes from Table 2 of the weekly supplement that the Reserve Bank publishes. Each issue gives the reserves on the Friday one week before the issue's own date, so the issue of 23 October 2026 gives the reserves on 16 October 2026.
When a change runs over several weeks, it is the difference between two printed totals. On that basis the four parts of the reserves add up exactly to the total. The Bank rounds each weekly change to the nearest million, so that over these six weeks the changes add up to US$ 0.001 billion less than the totals show.
The comparison runs from 11 September 1998 to 16 October 2026 and uses the levels that the Bank's own issues print. A six-week span is any six weekly changes in a row.
Each figure was checked cell by cell. Every total and every part that the seven issues from 11 September to 23 October 2026 print matches the weekly series exactly.
- RBI, Weekly Statistical Supplement, 11 September 2026, Table 2 . 2026-09-04. T_2!B7:J11
- RBI, Weekly Statistical Supplement, 18 September 2026, Table 2 . 2026-09-11. T_2!B7:J11
- RBI, Weekly Statistical Supplement, 25 September 2026, Table 2 . 2026-09-18. T_2!B7:J11
- RBI, Weekly Statistical Supplement, 2 October 2026, Table 2 . 2026-09-25. T_2!B7:J11
- RBI, Weekly Statistical Supplement, 9 October 2026, Table 2 . 2026-10-02. T_2!B7:J11
- RBI, Weekly Statistical Supplement, 16 October 2026, Table 2 . 2026-10-09. T_2!B7:J11
- RBI, Weekly Statistical Supplement, 23 October 2026, Table 2 . 2026-10-16. T_2!B7:J11
- RBI, the weekly series of Table 2 since September 1998 . .