India's foreign exchange reserves rose by $2.3 billion to $703 billion in the week ended April 17, mainly due to an increase in foreign currency assets with upward revaluation of dollar assets. Separately, the Indian rupee declined 14 paise amid dollar demand from foreign investors and private oil companies. The local unit closed at 94.25/$ on Friday, against its previous close of 94.11. The RBI likely sold dollars to prevent further deprecation, traders said. Benchmark Yield Drops