India FX reserves fall $18.3bn in week, largest weekly drop on record

India's foreign exchange reserves fell by $18.3 billion in the week to September 25, 2026, the largest weekly decline on record, driven by a sharp drop in foreign currency assets. The decline likely reflects RBI intervention to support the rupee amid global dollar strength and capital outflows, though the central bank has not commented. This signals heightened currency pressure and potential tightening of domestic liquidity conditions.