India’s Reserves Drop as Foreigners Pull Money From Bond Market

India’s holdings of foreign exchange fell in late April, reflecting officials’ efforts to defend the rupee as global interest rate repricing triggered portfolio outflows.

The stockpile fell to $637.9 billion as of April 26, data released by the Reserve Bank of India showed on Friday, down $2.4 billion compared with the week before. The reserves hit a record of about $649 billion in early April but have slipped since.