India's forex reserves dip by $17.8 billion in biggest weekly drop

India's foreign exchange reserves saw the biggest weekly drop on record in the week ended November 15. The reserves dipped by $17.8 billion to over four-month low of $657.89 billion as RBI sold from its reserves to back the rupee against the strong dollar. Foreign currency assets and gold reserves also dipped by $15.5 billion and $2 billion, respectively.