Hi Priyam47,
First off, a 640/Q45 is a solid Score, so it could be enough to get you into your first-choice School. Many Schools still do not place much emphasis (if any) on an Applicant's IR Score, so an IR1 might not impact your applications at all. As such, a retest might not be necessary. If you're interested in what specific Programs think about the IR Score, then you should reach out to each of them directly and ask (just about every School has an Admissions Department that will be happy to answer any questions that you have).
If you do choose to retest, then you might want to consider how you could improve all of your sub-Scores (your IR Score AND your Quant and Verbal Scaled Scores). Before I can offer you any additional advice for your studies (if you choose to continue studying), it would help if you could provide a bit more information on how you've been studying and your goals:
1) How long have you studied? How many hours do you typically study each week?
2) What study materials have you used so far?
3) On what dates did you take EACH of your CATs/mocks and how did you score on EACH (including the Quant and Verbal Scaled Scores for EACH)?
4) What Schools are you planning to apply to and what are the exact application deadlines that you are facing?
You might also choose to purchase the Enhanced Score Report. While the ESR doesn’t provide a lot of information, there are usually a few data points that we can use to define what went wrong on Test Day (and what you should work on to score higher). If you purchase the ESR, then I'll be happy to analyze it for you.
GMAT assassins aren't born, they're made,
Rich