Last 3 months, not including unrated games.
How Is Average Opponents Rating Calculated?

The rating will be when the game is finished.
I don't know how much about it is documented but it says last 3 months next to the average opponent in the stats page.
1. Does it average current rating of all my opponents till now?
2. Does it average rating of all my opponents till now as it was just after the game finished?
3. Does it account for all my games or only "last 90 days" or "last 20 games" or some such thing?
In last one year or so, my rating has fallen by about 150 points and so has my average opponent rating. Currently my AOR is 1699, but I haven't played many players with under 1700 rating in last year or so. So how come my AOR has come down so much (it was 1800-1850 about an year back, if my memory serves me right).