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The upward trend in foreign exchange reserves, which had been ongoing for the past seven weeks, has come to a halt. For the week ending October 4, foreign exchange reserves declined by $3.709 billion, bringing the total down to $701.176 billion, compared to $704.885 billion in the previous week. Despite this drop, the forex reserves remain above the $700 billion mark. The Reserve Bank of India (RBI) has released data showing that foreign exchange reserves decreased by $3.709 billion, resulting in a total of $701.176 billion. Foreign currency assets fell by $3.511 billion to $612.643 billion. The RBI's gold reserves also decreased, dropping by $40 million to $657.56 billion. Special Drawing Rights (SDRs) fell by $123 million to $18.42 billion, while reserves held with the International Monetary Fund (IMF) decreased by $35 million, totaling $4.35 billion. After the Monetary Policy Committee meeting on October 9, 2024, RBI Governor Shaktikanta Das stated that India's foreign exchange reserves had crossed the $700 billion milestone. He emphasized that India's external sector remains robust and expressed confidence that the country would successfully meet its external financing needs. The RBI Governor noted that from June to October 7 of the current fiscal year, foreign portfolio investment amounted to $19.2 billion, and foreign direct investment also remained strong. Bank of America, in a recent report, projected that India's foreign exchange reserves would increase to $746 billion by March 2026, which would assist the RBI in curbing currency depreciation. Compared to other emerging markets, India has a strong reserve of foreign currency, making it the fourth-largest country in the world in terms of foreign exchange reserves.