India's reserves took a $14.88 billion hit, landing at $765.9 billion for the week that included Sept. 18. Friday's release shows it was the sharpest weekly fall since mid November 2024. The backdrop: the central bank stepped in to steady the rupee as oil prices climbed, a combo that typically pressures import-heavy economies like India.
During that week, the Reserve Bank of India unloaded dollars to support the currency. Earlier this month it also conducted sell-buy swap deals in the foreign-exchange market to drain liquidity from banks, a move that tends to weigh on reserves. In these transactions, the RBI usually sells dollars for rupees and agrees to purchase those dollars back later.
The rupee sits among Asia's laggards this year. Foreign investors have been pulling money from Indian stocks, and the prolonged war in the Middle East has added another headwind. To attract additional dollars, the RBI has introduced steps that include a special deposit scheme for overseas citizens, which pulled in $143.6 billion, yet those efforts have barely moved the needle on the currency.
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A weaker rupee and active intervention can ripple into import costs, inflation paths, and borrowing conditions at home. If you have exposure tied to India or to commodities that move with oil, the RBI's use of reserves and liquidity tools is a real-time signal of where currency pressure sits today.
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