India's foreign exchange reserves snapped a five-week rising streak and fell to $563.5 billion in the week through Dec. 16, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.

The Reserve Bank of India will hike its key interest rate on Friday, economists polled by Reuters said, but there was no consensus on the size of the move

India’s forex reserves fell by $7.5 billion to $572.7 billion – a 20-month low – as of July 15, due to spiraling costs of imports, the Reserve Bank of India (RBI) has said.

Understandably, Prime Minister Narendra Modi has set up a panel of officials from the income-tax department, the Reserve Bank of India (RBI) and Enforcement Directorate to probe the matter and apportion responsibility. Yet, nothing concrete would come out of it because the persons connected with the dealings have political clout.