At $11.7bn, forex kitty falls most in over a year

MUMBAI: India’s foreign exchange reserves fell to $716.8 billion in the week ended March 6 from $728.5 billion in the previous week, RBI data showed. The $11.7 billion decline in reserves last week came amid dollar sales of about $6.1 billion by the central bank to support the rupee against pressure stemming from the Iran war and surge in oil prices.The rise in US yields and the dollar strength further contributed to the drop in reserves, analysts said. Much of the decline in the week came from foreign currency assets, which fell $9.8 billion, while the value of gold reserves dropped $1.6 billion.REUTERS