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 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.

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.