India's forex reserves shed $60 billion in six weeks as RBI steps in to support rupee, one of Asia's worst-performing currencies this year

India’s foreign exchange reserves declined by nearly $60 billion in six weeks to $726.027 billion as of October 9, from a record high of $785.706 billion on September 4. The fall was largely attributed to the Reserve Bank of India’s intervention to support the rupee amid rising crude oil prices, higher US yields and sustained foreign investor outflows. Foreign currency assets and gold reserves also recorded significant declines during the reporting week.