Foreign-exchange reserves in India, the Philippines and Indonesia fell by about $54 billion between late February and mid-May 2026, according to Bloomberg-reported figures and official central-bank data.
India’s reserves declined by roughly $37.5 billion from $728.494 billion in the week ended Feb. 27 to about $691 billion by mid-May. The Philippines’ gross international reserves fell by $9.28 billion to $103.99 billion at end-May from $113.26 billion at end-February, while Indonesia’s official reserve assets decreased by $7.0 billion to $144.9 billion from $151.9 billion over the same period.
Bloomberg cited the largest percentage declines among the countries highlighted in the report as 8.1% for the Philippines, 5.2% for India and 3.8% for Indonesia. The reported changes reflected foreign-exchange operations to manage currency volatility, external debt repayments and valuation effects on non-dollar reserve assets.
Bank Indonesia said its reserves covered 5.6 months of imports at end-May, down from 6.1 months at end-February and still above the international benchmark of around three months.