New Delhi, March 9 -- India's foreign exchange reserves slumped in the week that ended on February 28, as per latest RBI data.

In the week under consideration, the foreign exchange reserves declined by USD 1.781 billion to USD 638.698 billion.

Forex reserves had slumped for about four months, recently hitting an 11-month low. Then followed the latest rollercoaster movement, with gains some weeks and declines the next.

Forex reserves started falling after touching an all-time high of USD 704.89 billion in September. They are now about 10 percent lower from their peak.

The decline in reserves is most likely due to RBI intervention, aimed at preventing a sharp depreciation of the Rupee. The Indian Rupee is now at or near its all-time low...