India's forex reserves drop $50 bilion in under a month

India's foreign exchange reserves fell for the fourth consecutive week to $734.6 billion, down from a high of $785.71 billion on September 4. The RBI has been selling dollars and using FX swaps to support the rupee, which fell 0.5% to 96.8450 per dollar, near its all-time low, amid high oil prices and foreign equity outflows.