India’s foreign exchange (forex) reserves dropped for a seventh consecutive week to hit an over four-month low of USD 657.892 billion in the week that ended on November 15, data from the Reserve Bank of India (RBI) showed.

India's foreign exchange reserves logged their sharpest weekly fall on record to a more-than-four-month low last week, as the dollar strengthened following the U.S. election verdict, and the central bank sold from its reserves to limit the rupee's decline.

While India's forex reserves have dwindled, Pakistan has witnessed a sort of resurgence, its forex reserves increasing by about $29 billion in the last 50 days, according to reports.

India’s foreign reserves had their biggest weekly fall ever, indicating the central bank likely sold dollars in the market to support the local currency that fell to a record low this week.

India's foreign exchange reserves witnessed a significant decline of $17.8 billion in the week ending November 15, marking the largest weekly fall on record. This sharp drop pushed the reserves to a four-month low of $657.

India's forex reserves dropped by USD 17.761 billion to USD 657.892 billion for the week ended November 15, the RBI said on Friday. In the previous reporting week ended November 8, the overall reserves dropped by USD 6.

India's foreign exchange reserves experienced a decline of $17.7 billion, reaching $657.89 billion by November 15th, as reported by the Reserve Bank of India. The decrease was primarily attributed to a drop in Foreign Currency Assets.