India's foreign exchange reserves fell $18.34 billion to $747.56 billion in the week ended September 25, the Reserve Bank of India said on Friday. It is the third consecutive week of heavy declines.

The reserves have now dropped $38.15 billion in three weeks from their record high of $785.71 billion in the week ended September 4. The slide reflects RBI intervention to steady the rupee plus revaluation losses on global assets.

Foreign currency assets, the largest component, fell $15.57 billion to $615.41 billion. Gold reserves dropped $2.59 billion to $108.7 billion. Special Drawing Rights with the IMF fell $97 million to $18.64 billion, and the reserve position with the IMF declined $86 million to $4.8 billion.

The rupee traded in a narrow range against the dollar in early trade on Monday. Analysts say dollar buying by oil companies will continue while foreign investors stay in sell mode. The RBI's October 5 to 7 policy meeting, with a rate hike widely expected, is the next big event for the currency.

Sources: firstscroll.in; flashfinance.news; thehindubusinessline.com.