swapnils123:
The IR score is really tertiary in its importance with respect to the GMAT. Most important is overall GMAT score. The second is the individual sections (with a major focus on balance and the Quant score). The third is the IR score and the AWA essays.
The question about whether to retake falls more on you. Do you feel you can duplicate (or improve) your 710? Do you have the time to put in the necessary preparation to get that score? Do you have whatever funds to make it happen?
If the answer is yes to all of those questions, then go for a second attempt. There's very little to lose as the school counts your highest score (or only the ones you submit) so you're already in a good position with this latest attempt.
Hope that helps,
Admissionado