India's foreign-exchange reserves fell by $14.88 billion to $765.9 billion in the week to Sept. 18, the biggest weekly drop since the week of Nov. 15, 2024, the Reserve Bank of India (RBI) said. The decline coincided with RBI dollar sales in the FX market to support the rupee amid a spike in oil prices, domestic equity outflows and the ongoing Middle East conflict. The rupee is among the weakest Asian currencies this year. RBI measures to attract dollars — including a special deposit scheme for

India's foreign-exchange reserves fell by $14.88 billion to $765.9 billion in the week to Sept. 18, the biggest weekly drop since the week of Nov. 15, 2024, the Reserve Bank of India (RBI) said. The decline coincided with RBI dollar sales in the FX market to support the rupee amid a spike in oil prices, domestic equity outflows and the ongoing Middle East conflict. The rupee is among the weakest Asian currencies this year. RBI measures to attract dollars — including a special deposit scheme for overseas residents that has drawn $143.6 billion — have provided limited support. Earlier this month the RBI also conducted sell-buy FX swaps (selling dollars for rupees with a committed future repurchase) to drain system liquidity, which weighed on reserves.