India's foreign exchange reserves dip to four-month low

India's foreign exchange reserves dipped by US$ 860 million to $593.037 billion during the week ended Sept 15, showed data released by the country's central bank, the Reserve Bank of India (RBI), on Friday.

This was the second consecutive week when the South Asian country's forex reserves declined. During the week ended Sept. 8, the forex decreased by $4.99 billion to $593.90 billion.

The current value of forex reserves is said to be a four-month low.

The fall in forex reserves is attributed to the steps taken by the RBI to defend the Indian rupee amid pressures caused majorly by global developments since last year.

The foreign currency assets, a major component of the forex reserves, also decreased by $511 million to $525.915 billion, showed the Weekly Statistical Supplement released by the RBI.