IR reading reduction may be due to reduction in resistivity of oil and not due to moisture alone.Please check IR at 1 minute and 10 minute with voltage application.The ratio of IR at 10 to 1 minute measurement should be above 1.3 if trf is dry.Check tan delta of winding and this should be less than 1%,and preferably around 0.5 %at 20 C.Check water content in oil,when transformer is fully loaded and oil is max hot.In cold condition water will go back to paper and you will be misled by low water content values of oil.
If you doubt the trf is wet,best way is to get an ample sized( 3000litres/hour),good condition oil filter machine with heaters and vaccum chamber.Drain bottom oil 300-400mm from bottom tank.This will be full of free or colloidal water.Dehydrate this drained oil separately and fill back.Do hot oil circulation for 5-10 passes of oil in transformer.Oil temperature in tank shall be above 60C.This will be much faster and cost effective dry out than the small on-line filters.
If trf too wet,there are still ingenious methods to dry out trf.