India’s foreign exchange reserves have seen an increase for the third consecutive week, while Pakistan’s foreign exchange reserves have seen an increase for the sixth consecutive week.
From Delhi to Islamabad, happiness is seen in both countries. There is a reason for that too. The foreign exchange reserves of both countries are at record levels. Where India’s foreign exchange reserves have hit an all-time high for the second consecutive week. On the other hand, Pakistan’s Forex has hit a 26-month high. India’s foreign exchange reserves have seen an increase for the third consecutive time. On the other hand, there is a continuous rise in Pakistan’s foreign exchange reserves. Let us also tell you what kind of figures are being seen in the foreign exchange reserves from India to Pakistan.
India’s foreign exchange reserves hit record high
The country’s foreign exchange reserves rose by $2,299 billion to a new record level of $683,987 billion in the week ended August 30. The Reserve Bank of India (RBI) on Friday reported that last week, foreign exchange reserves rose by $7,023 billion to $681,688 billion. What is special is that this increase has occurred for the third consecutive week. In these three weeks, India’s foreign exchange reserves have seen an increase of Rs 1.16 lakh crore or $13.87 billion.
According to data released by the Reserve Bank on Friday, in the week ended August 30, foreign currency assets, considered a major part of foreign exchange reserves, increased by $1,485 billion to $599,037 billion. In the week under review, the value of gold reserves increased by $862 million to $61,859 billion. Special Drawing Rights (SDRs) increased by $9 million to $18,468 billion. In the week under review, India’s reserves with the International Monetary Fund (IMF) increased by $58 million to $4,622 billion.
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Pakistan’s foreign exchange reserves hit 26-month high
According to the latest report from the Central Bank of Pakistan, Pakistan’s foreign exchange reserves at the State Bank of Pakistan (SBP) rose by $33 million to hit a 26-month high of $9.43 billion in the week ended August 30, 2024. A steady rise in reserves over the past six weeks has boosted the domestic currency, which has appreciated by Rs 0.10 to Rs 278.67 against the US dollar in the interbank market. Earlier on Wednesday, the rupee had closed at a five-month low of Rs 278.77. SBP reserves have risen by $409.6 million in the past six weeks, returning to levels last seen in July 2022.
However, the State Bank of Pakistan has not provided any information on the reasons for this increase. Officials had earlier indicated that they were purchasing US dollars in the local market to increase reserves. SBP estimates suggest that reserves could reach $13 billion by the end of the current financial year in June 2025. Separately, foreign exchange reserves held with commercial banks declined by $69.8 million to $5.3 billion. Due to this, the country’s total reserves fell by $36.4 million to $14.73 billion in the week ended August 30, down from the previous week’s 26-month high of $14.77 billion.
