New Delhi, Jan. 26 -- India's foreign exchange reserves continue to decline, extending their slump for about four months now. The country's forex reserves have fallen in 15 of the past 16 weeks, hitting an 11-month low.

In the week ending January 17, India's foreign exchange reserves declined by USD 1.88 billion to USD 623.983 billion, according to the latest data from the Reserve Bank of India (RBI).

The reserves have been falling ever since they touched an all-time high of USD 704.89 billion in September, and they are now over 10 percent lower than the peak.

The decline in reserves is 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 against the ...