India's foreign exchange reserves saw a record drop of $17.8 billion in the week ending November 15, falling to $657.9 billion, according to RBI data.
This sharp decline includes a $15.5 billion dip in foreign currency assets and a $2 billion fall in gold reserves. The reserves had peaked at $704.9 billion on September 27 but have now dropped by $47 billion in 49 days. Experts attribute this to RBI's efforts to stabilize the rupee as foreign investors pull funds from Indian equity markets. Current reserves can cover 11 months of imports.