India's forex reserves fall nearly $60 billion in six weeks as RBI intervenes to support rupee

India's foreign exchange reserves fell by nearly $60 billion in the six weeks to October 9 to $726.027 billion, driven largely by the central bank's dollar sales to defend the rupee. The rupee is among Asia's worst-performing currencies this year, pressured by higher crude oil prices, rising US Treasury yields and foreign investor outflows. Foreign currency assets and gold reserves also posted significant declines in the reporting week.