India's foreign exchange reserves fell for the fourth consecutive week and stood at an eight-month low of $640.28 billion, as of Dec. 27, data from the Reserve Bank of India showed on Friday.

Concerns about India's slowing growth and widened trade deficit have hurt the rupee, alongside broad-based dollar's strength amid a hawkish shift in the US Federal Reserve's policy outlook and expectations surrounding the country's President-elect Donald Trump's policies.

The Indian rupee fell for a seventh straight year in 2024, largely due to headwinds in the last quarter, including Donald Trump's U.S. election victory-spurred surge in the dollar, while locally, slowing growth and a wider trade deficit weighed.