India's forex reserves fell to USD 719.748 billion due to lower gold values, while bank credit and deposits showed robust growth as of mid-October 2026, according to the latest data released by the Reserve Bank of India on Friday.
India's Forex Reserves Overview
India's foreign exchange reserves declined by USD 1.269 billion to USD 719.748 billion during the week ended October 23 primarily due to a fall in the value of gold holdings, according to data released by the Reserve Bank of India (RBI) on Friday. The RBI's Weekly Statistical Supplement showed that the value of gold reserves fell by USD 2.650 billion during the week to USD 103.150 billion.
However, foreign currency assets, the largest component of India's foreign exchange reserves, increased by USD 1.358 billion to USD 593.205 billion during the same period. Special Drawing Rights (SDRs) rose by USD 27 million to USD 18.605 billion, while India's reserve position in the International Monetary Fund declined by USD 4 million to USD 4.787 billion. Despite the weekly decline, India's overall foreign exchange reserves remained USD 28.640 billion higher than their level at the end of March 2026, according to the RBI data.
Banking and Monetary Trends
The weekly statistical supplement also showed that bank credit grew by 18.2 per cent year-on-year as of October 15, 2026, compared with 11.6 per cent in the corresponding period last year. Outstanding bank credit stood at Rs 227.43 lakh crore, according to the central bank's figures.
Aggregate bank deposits increased by 16.7 per cent year-on-year, compared with 9.5 per cent a year earlier, reaching Rs 278.76 lakh crore as of October 15. The data also showed that broad money supply (M3) grew by 16.0 per cent year-on-year as of October 15, compared with 9.2 per cent in the corresponding period last year.
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