India FX Reserves Log Biggest Drop in 14 Months Amid Rupee Rout

India’s foreign exchange reserves recorded their biggest weekly drop in 14 months as the central bank sold dollars to support a weakening rupee, analysts said.

The holdings in the week ended Jan. 2 fell by $9.89 billion to $551.99 billion. During the week, the rupee fell 0.4% against the dollar due to foreign fund outflows and delays in a trade deal between India and the US.