India's foreign exchange reserves declined in the week ended September 11, suggesting that most FCNR(B) inflows awaiting conversion with the Reserve Bank may have already been swapped, analysts said.
Forex reserves decreased by $4.9 billion to $780.7 billion, after reaching a peak of $785 billion in the previous week. The fall in reserves comes as valuation of gold reserves decreased by $2.6 billion to $111.2 billion, and foreign currency assets decreased by $2.4 billion to $645.7 billion. The decrease in foreign currency assets is likely because the RBI sold dollars in the spot market to prevent the rupee from excess depreciation.
On a net basis, since the start of the FCNR(B) scheme, foreign exchange reserves rose $99 billion to $780 billion as of September 11, from $681 billion as of June 5.
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Forex reserves drop to $781 billion after hitting a peak of $785 billion
In the week ending September 11, Indias foreign exchange reserves fell by $4.9 billion, bringing the total down to $780.7 billion from a previous high of $785 billion. This downturn is largely attributed to diminishing gold reserves' valuations. Analysts suggest that most inflows from FCNR(B) awaiting conversion have likely been completed.
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This story was reported and first published by The Economic Times on 26 September 2026. HUE Legacy Ventures did not write it.
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