India’s foreign exchange reserves declined sharply in the week ended March 6, dropping to $716.81 billion from $728.49 billion the previous week, according to data released by the Reserve Bank of India (RBI) on Friday. The fall of $11.68 billion comes as the central bank intervened heavily in currency markets, selling dollars to support the rupee amid pressure linked to the ongoing Iran conflict and rising global oil prices. Analysts also pointed to stronger US bond yields and a firmer dollar as factors that weighed on the reserves during the period.