India's foreign exchange reserves fall for fourth week to $734.6 billion

The Economic Times shared a Reuters report putting India's reserves at $734.6 billion, about $50 billion below their September 4 peak after four straight weekly declines. Reuters attributes the drawdown to the RBI's spot-market dollar sales to smooth the rupee's decline and foreign-exchange swaps to absorb surplus liquidity. The rupee fell nearly 0.5% to 96.8450 per dollar on Wednesday, close to its all-time low of 96.96, the report says.