India forex reserves fell by $14.881 billion to $765.901 billion in the week ended September 18, 2026, according to the Reserve Bank of India’s Weekly Statistical Supplement. The decline was mainly reflected in foreign currency assets, while gold reserves recorded a small increase.
The RBI data showed total reserves at ₹73,42,985 crore as of September 18. Foreign currency assets stood at $630.980 billion, down $14.816 billion during the week. Gold reserves increased by $68 million to $111.292 billion, while SDRs declined by $106 million to $18.739 billion. India’s reserve position in the IMF fell by $27 million to $4.890 billion.
Bank Deposits and Credit Show Strong Year-on-Year Growth
Scheduled commercial banks had aggregate deposits of ₹2,76,23,066 crore as of September 15. Deposits declined by ₹2,48,508 crore over the fortnight, but were higher by ₹13,94,279 crore during 2026-27 so far and ₹40,76,615 crore year-on-year.
Bank credit stood at ₹2,23,29,258 crore, down ₹57,894 crore over the fortnight. Credit was higher by ₹9,69,361 crore during 2026-27 so far and ₹34,26,398 crore year-on-year, translating into 18.1% year-on-year growth. Non-food credit accounted for ₹2,22,19,537 crore.
Money Supply and RBI Liquidity Operations
Broad money M3 stood at ₹3,30,67,446 crore on September 15, up 5.1% during 2026-27 so far and 16.6% year-on-year. Time deposits with banks stood at ₹2,52,42,433 crore, while currency with the public was ₹42,10,170 crore.
The RBI’s liquidity operations showed net absorption on each day from September 14 to 20. On September 18, the RBI recorded ₹2,22,629 crore under variable-rate reverse repo operations, ₹191 crore through MSF and ₹1,09,293 crore under SDF. The same day also recorded an OMO outright sale of ₹50,000 crore, with net liquidity absorption at ₹3,81,834 crore.
State government loans and advances from the RBI stood at ₹19,427 crore on September 18, up ₹4,468 crore over the week but down ₹13,019 crore year-on-year.
Q1. What are India’s forex reserves as of September 18, 2026?
India’s forex reserves stood at $765.901 billion as of September 18, 2026.
Q2. How much did India’s forex reserves fall in the week?
India’s total forex reserves declined by $14.881 billion during the week.
Q3. What happened to foreign currency assets?
Foreign currency assets fell by $14.816 billion to $630.980 billion.
Q4. What was bank credit growth in the RBI data?
Scheduled commercial bank credit recorded 18.1% year-on-year growth as of September 15, 2026.
Q5. What was India’s M3 money supply?
M3 stood at ₹3,30,67,446 crore on September 15, 2026, up 16.6% year-on-year.
