India's Forex Reserves Drop $11.68 Billion Amid RBI Intervention and Market Volatility

India's foreign exchange reserves fell by $11.68 billion to $716.81 billion in the week ended March 6, marking the largest weekly decline in over a year. The Reserve Bank of India intervened in currency markets, selling around $6.1 billion to support the rupee amid global volatility linked to the Iran conflict and rising oil prices. The drop also reflected valuation losses of about $5.4 billion, with foreign currency assets and gold reserves declining. Despite this, India maintains one of the world's largest forex buffers.