India's foreign exchange reserves have experienced a significant decline, with the largest weekly drop ever recorded. The reserves fell by $17.76 billion, bringing the total to $657.9 billion for the week ending November 15.

This decline reflects ongoing efforts by the central bank to stabilize the local currency, which has recently hit a record low. The decline in reserves has persisted for seven consecutive weeks, reaching the lowest level since July 5. Analysts suggest that the central bank's intervention in the foreign exchange market, likely involving the sale of dollars, is aimed at supporting the rupee amid increasing volatility.

This situation highlights the challenges facing India's economy as it deals with external pressures and currency fluctuations.