India's forex reserves dip to 4-month low

India's forex reserves dipped by $860 million to $593.037 billion dollars during the week ended September 15, showed data released by 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 September 8, the forex decreased by $4.99 to $593.90 billion dollars.

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 to $525.915, showed the Weekly Statistical Supplement released by the RBI.