India forex reserves declined by US$ 8,578 million to settle at US$ 726,027 million for the week ended October 9, 2026, according to the Weekly Statistical Supplement published by the Reserve Bank of India (RBI) on October 16, 2026. In domestic currency terms, overall reserves stood at ₹70,22,417 crore, recording a weekly decrease of ₹50,694 crore.
Foreign Currency Assets and Gold Lead Reserve Contraction
The weekly contraction was driven largely by foreign currency assets, which fell by US$ 7,142 million to US$ 597,605 million (₹57,80,313 crore). Gold reserves declined by US$ 1,319 million over the week to US$ 105,094 million (₹10,16,520 crore).
Special Drawing Rights (SDRs) decreased by US$ 109 million to US$ 18,548 million, while the reserve position in the International Monetary Fund (IMF) stood at US$ 4,780 million following a US$ 10 million drop.
Despite the weekly decline, India's total foreign exchange reserves remained higher by US$ 34,920 million compared with the end of March 2026 and increased by US$ 28,244 million over the year.
Bank Credit and Deposits Expand by Double Digits
Data for scheduled commercial banks showed continued balance-sheet growth through September 30, 2026. Outstanding bank credit rose to ₹229,94,658 crore, reflecting a 19.4% year-on-year increase of ₹37,33,325 crore and a fortnightly gain of 3.0%, or ₹6,65,399 crore.
Non-food credit accounted for the majority of outstanding loans at ₹228,98,371 crore, while food credit stood at ₹96,286 crore.
The reporting schedule reflects the Banking Laws (Amendment) Act, 2025, which revised fortnightly reporting to the 15th and last calendar day of each month, starting December 15, 2025.
Aggregate deposits held by scheduled commercial banks reached ₹283,95,693 crore on September 30, marking 17.8% year-on-year growth of ₹42,97,111 crore and a fortnightly increase of 2.8%, or ₹7,72,627 crore.
Time deposits stood at ₹246,59,274 crore, while demand deposits totalled ₹37,36,418 crore. Broad money stock (M3) reached ₹337,66,475 crore on September 30, expanding by 16.9% year-on-year and 2.1% over the fortnight.
State Borrowings Rise as RBI Manages Daily Liquidity
Central bank balance-sheet figures showed that loans and advances to state governments rose to ₹58,569 crore as of October 9, 2026. This represented a weekly increase of ₹20,155 crore and a rise of ₹42,453 crore compared with ₹16,116 crore on October 10, 2025.
Loans and advances to the central government stood at zero.
During daily liquidity operations conducted between October 5 and October 11, 2026, the RBI remained a net absorber of funds. Net daily absorption ranged between ₹1,38,979 crore and ₹4,27,594 crore through the Standing Deposit Facility (SDF) and Variable Rate Reverse Repo (VRRR) operations.
Q1. What was the value of India's foreign exchange reserves as of October 9, 2026?
India's total foreign exchange reserves stood at US$ 726,027 million, or approximately US$ 726.03 billion (₹70,22,417 crore), after declining by US$ 8,578 million during the week.
Q2. What caused the weekly drop in India's forex reserves?
The decline was led by a US$ 7,142 million reduction in foreign currency assets and a US$ 1,319 million decrease in gold reserves. SDRs and the IMF reserve position also recorded smaller declines.
Q3. How much did scheduled commercial bank credit grow as of September 30, 2026?
Outstanding bank credit reached ₹229,94,658 crore, increasing by 19.4% year-on-year and 3.0% over the preceding fortnight.
Q4. What was the status of RBI lending to governments as of October 9, 2026?
Loans and advances to state governments stood at ₹58,569 crore, while loans and advances to the central government were zero.
Q5. What was India's broad money stock (M3) as of September 30, 2026?
Broad money stock (M3) stood at ₹337,66,475 crore, registering 16.9% year-on-year growth and a 2.1% increase over the fortnight.
Source: https://www.rbi.org.in/
