Forex reserves record biggest weekly drop as RBI moves to support Rupee

At $17.8 billion, the reserves fell the most in the week ended November 15, eclipsing the $15 billion retreat in the week of October 24, 2008, when the subprime sinkhole had swallowed global financial assets - and emerging market currencies - in the immediate aftermath of the Lehman Brothers mothballing. This time, too, the rupee declined 79 paise per dollar, or 1%, since the reserves hit a record of $704.9 billion on September 27.