India’s foreign exchange reserves declined by $8.578 billion to $726.027 billion in the week ended October 9, according to data released by the Reserve Bank of India (RBI) on Friday. In the previous reporting week, the country’s forex kitty had fallen by $12.952 billion to $734.606 billion. India’s foreign exchange reserves had reached an all-time high of $785.706 billion in the week ended September 4. The increase was driven by substantial foreign currency inflows linked to a special concessional swap for deposits from the Indian diaspora, through which banks raised a record sum of nearly $133 billion. However, the country’s forex reserves have been on a declining trend since then, with the latest data showing another significant weekly fall.