India's Forex Reserves Drop $50 Billion Since September Peak

India's foreign exchange reserves have fallen for the fourth consecutive week, reaching $734.6 billion, down about $50 billion from the September 4 peak of $785.71 billion. The Reserve Bank of India sold dollars and used FX swaps to support the rupee, but the currency weakened due to high oil prices, rising US Treasury yields, and increased foreign equity outflows, nearing its all-time low of 96.96 per dollar.

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