India’s foreign exchange reserves declined sharply by $7.05 billion to $709.76 billion for the week ending March 13, according to data released by the Reserve Bank of India (RBI) on Friday. For the previous week, India’s foreign exchange reserves declined sharply in the week ended March 6, dropping to $716.81 billion from $728.49 billion. 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.