There is a continuous increase in the foreign exchange reserves of India and Pakistan.
It is raining foreign wealth from Delhi to Islamabad. Where India’s foreign exchange reserves have seen a rise for the fourth consecutive week and the foreign exchange reserve has reached an all-time high. In the last four weeks, India’s foreign exchange reserves have seen an increase of more than $19 billion. The special thing is that India’s foreign exchange reserves could soon surpass the historic level of $700 billion. Moreover, an increase in Pakistan’s foreign exchange reserves has also been observed. This increase in Pakistan’s foreign exchange reserves has been observed for the seventh consecutive week. Let us also tell you how much is the foreign exchange reserve of India and Pakistan.
India’s foreign exchange reserves hit record high
In its Friday information, the Reserve Bank of India said that in the week ended September 6, India’s foreign exchange reserves increased by $5.248 billion to a new all-time high of $689.235 billion. In the last week, the total amount increased by $2.299 billion to a record high of $683.987 billion. The last 4 trading weeks have seen an increase of $19.12 billion.
On the other hand, in the week ended September 6, the country’s foreign exchange reserves rose by $5,107 billion to $604,144 billion. The RBI reported that gold reserves rose by $129 million to $61,988 billion during the week.
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The central bank said special drawing rights (SDRs) rose by $4 million to $18,472 million. India’s reserve position with the IMF rose by $9 million to $4,631 million in the week under review, the RBI data showed.
Pakistan’s foreign exchange reserves
According to data from the State Bank of Pakistan (SBP), the country’s foreign exchange reserves rose by $30 million to $9.466 billion during the week ended September 6. The SBP governor said on Thursday that the reserves are expected to reach $12 billion in March and $13 billion in June next year. The SBP periodically purchases dollars in the interbank market to enhance its reserves and pay debt service. The country’s total foreign exchange reserves reached $14.79 billion, which includes $5.33 billion currently held by commercial banks.
