I have made a voltage divider with 470 O at 9V VCC and 620 O at GND. Will it reduce current and if yes by how much?
Your question doesn't really make sense... What are you doing?
I think he wants to know how much current is available if he has a voltage divider across a 9v battery. This may be to get 5v from 9v. If OP wants to use this to power an Arduino, then it is not how to do it. The divider will waste a lot of power. Use a V regulator.
Weedpharma
I assume you want to measure battery voltage with your Arduino.
470ohm to battery and 620ohm to ground gives 5.12volt on the pin with a 9volt battery.
A bit too high with a fresh 9volt battery.
Problem is also that those low values drain the battery too much (9/1090 = 8.25mA).
Better to use e.g. 2x 10k.
That will give half of the battery voltage on the pin, and drains the battery with only 450uA.
Leo..
Do voltage regulators reduce current?
SagarDev:
Do voltage regulators reduce current?
No. For that you would need a current regulator. 8)
SagarDev:
Do voltage regulators reduce current?
ONE resistor could reduce current.
It is frequently used to limit the current through a LED.
But if you want proper advice, it is better to tell us what you want to do.
Leo..
SagarDev:
Do voltage regulators reduce current?
Possibly. Depends on the source and output.
If you have a fully charged car battery and use a 7805 to drop the voltage you also drop the current available from hundreds of amps to one amp.
Weedpharma
As Wawa said I want to measure battery voltage and current produced from the battery.
SagarDev:
I have made a voltage divider with 470 O at 9V VCC and 620 O at GND. Will it reduce current and if yes by how much?
I = Vcc / (470 + 620)
I = Vcc / 1090
What battery? Size? Capacity? Expected current?
Weedpharma
Come on guys!
I think we can deduce that the OP has calculated the ratio to drop 9V from a battery to the less-than-5V that is permissible to feed to the Arduino analog input. He now adds that he wants to monitor the current draw also.
Well, perhaps we can offer him a means to measure current draw, though in fact that is much more complex.
We need to point out that while he got the ratio correct, a 1090 Ohm voltage divider will continuously draw some 8 mA from a 9V battery - which would for example be a very bad idea if he was sufficiently misinformed to ever think of using this. 
Clearly, the actual resistances need to be much higher, and even then if it is intended to turn the equipment off, the voltage divider must be disconnected also.
SagarDev:
As Wawa said I want to measure battery voltage and current produced from the battery.
You use a multimeter for that.
SagarDev:
As Wawa said I want to measure battery voltage and current produced from the battery.
Separately, or at the same time? Fixed load, or adjustable?
Separately. Fixed load.
SagarDev:
Separately. Fixed load.
For a simple battery go/nogo battery tester, it will work. But rather than measuring current, it will just draw a nominal current to test the batteries internal resistance more thoroughly.
If you just need to know if the battery is good or not, this will work.
First, using 1% resistors will not get you to 12 bits of accuracy.
12 bits is 0.024%.
As has been mentioned, It will draw 8.26 ma. It would be
be a heavy load for a 9 volt battery. As the only load, it would do
an alkaline battery in in less than a month.
Dwight
dwightthinker:
As the only load, it would do an alkaline battery in in less than a month.
Make that two days.
Leo..
Wawa:
Make that two days.
Leo..
9V alkalines are rated at 400 -500 mah.