New Delhi, Feb. 23 -- India's foreign exchange reserves slumped in the week that ended on February 14, reversing the gains it had extended in the past three weeks.

In the week that ended on February 14, the forex reserves declined USD by 2.54 billion to USD 635.721 billion.

The forex reserves had slumped for about four months, hitting an about 11-month low. Then followed the latest rollercoaster movement.

The forex reserves started falling since they touched an all-time high of USD 704.89 billion in September. They are now about 10 per cent lower from its 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 again...