India's foreign exchange reserves fell for a fourth consecutive week to $734.6 billion, according to a footnote to Reserve Bank of India Governor Sanjay Malhotra's statement. The reserves have dropped from their recent peak of $785.71 billion on September 4, a decline of about $50 billion in less than a month. The drawdown reflects the RBI's dollar sales in the spot market to smooth the rupee's decline, alongside sell/buy FX swaps aimed at absorbing surplus liquidity.