India Forex Reserves Fall for 9th Week

Foreign exchange reserves held by the Reserve Bank of India fell to $655 billion as of the first week of December, the lowest since June, marking the ninth consecutive decline since the record high of $704.9 billion in the last week of September.

The drop was owed to an outflow of foreign capital as slowing growth in India drove investors to opt out of investments in domestic capital markets, in line with the rebound in G-Sec yields and the pullback on the Sensex.