India's foreign exchange reserves fell by USD 8.58 billion to USD 726.03 billion in the week ended October 9, according to data released by the Reserve Bank of India (RBI) on Friday.




The decline follows a drop of USD 12.95 billion in the previous reporting week ended October 2, when the country's forex kitty stood at USD 734.60 billion.




India's foreign exchange reserves have declined for three consecutive reporting weeks, following a record high of USD 785.70 billion in the week ended September 4.



India's forex reserves decline for third consecutive week


India's foreign exchange reserves fell by USD 12.95 billion to USD 734.60 billion in the week ended October 2, driven by a decline in foreign currency assets and gold reserves. Before that, the reserves had dropped by USD 18.34 billion to USD 747.56 billion in the week ended September 25.




The country's forex reserves had touched an all-time high of USD 785.70 billion in the week ended September 4, following substantial inflows linked to a special concessional swap scheme for diaspora deposits, through which banks raised a record sum of nearly USD 133 billion.