Kolkata | Mumbai: Prime Minister Narendra Modi wanted non residents to pour in dollars to build the nation, but NRIs have taken back a net $17 billion from Indian banks in October and November, pulling the rupee to its historic low levels in the process. Bankers said the development re flects FCNR-B (foreign currency non-resident -bank) redemptions in these months. Such massive dollar outflows -- about Rs 1.16 lakh crore in rupee terms -were not even seen after Lehman collapse in 2008."There are a combination of factors responsible for the outflow. First, the FCNR-B deposits had to move out on redemption which was spread over 2-3 months," said Madan Sabnavis, chief economist at CARE Ratings. "Second, expectations of (US) Fed rate hike would have brought about exogenous withdrawals," he said. NRIs with drew a net $11.412 billion of FCNR-B (foreign currency nonresident bank) deposits in November alone, the highest in a single month. Foreign institutional investors, too, offloaded a net $5.5 billion from equities markets in November after the government delegalised Rs 500 and Rs 1,000 banknotes, putting the Reserve Bank of India's exchange rate management skills on test.Saugata Bhattacharya, chief economist at Axis Bank , said, “FCNR repatriation of about $19 billion over Se ptember ­ November 2016 was very smooth, entirely on expected lines. RBI had earlier estimated that about $20 billion would flow out. The rupee has been very stable during the process, gently guided by RBI.“He said the US dollar is expected to strengthen further, leading to “a gradual and modest depreciation of the rupee, likely at about the differentials of India's and offshore inflation rates, adjusted for productivity“. The rupee hit a historic low of `68.855 against the dollar in intraday trade on November 24, seen only once before in 2013 when the country was battling a currency crisis.