New Delhi, March 28 -- India's foreign exchange reserves declined sharply by USD 11.41 billion to USD 698.34 billion in the week ended March 20, according to data released by the Reserve Bank of India.

The latest drop follows a decline of USD 7.05 billion in the previous week, when reserves stood at USD 709.76 billion. Earlier this year, the country's forex reserves had touched a record high of USD 728.49 billion in late February, reported The Economic Times.

Gold Reserves Lead Decline The fall in overall reserves was primarily driven by a sharp decline in gold holdings. The value of gold reserves dropped by USD 13.49 billion to USD 117.19 billion during the reporting week, reflecting changes in global gold prices.

In contrast, foreign...