There is a continuous increase in the foreign exchange reserves of India and Pakistan.
India is seen continuously creating history in the stock market. India’s Sensex and Nifty are being discussed not only in the country but also in foreign markets. At the same time, India’s foreign exchange reserves are also seen to be continuously creating history. What is special is that the country’s foreign exchange reserves are only $10 billion less than $700 billion. If experts are to be believed, the country’s foreign exchange reserves may exceed the $700 billion level in the coming weeks. However, the foreign exchange reserves have seen an increase for the fifth consecutive week. An increase of about $20 billion in foreign exchange reserves has been observed during this period.
An increase has been observed in the foreign exchange reserves of not only India but also Pakistan. There has been an increase in this for the eighth consecutive week. According to the information, Pakistan’s total foreign exchange reserves amount to about $15 billion, which is very good news for the economy of the neighbouring country. Let us also tell you what kind of figures have been seen in the foreign exchange reserves of India and Pakistan.
Forex reserves at record levels
The country’s foreign exchange reserves rose by $223 billion in the week ended September 13 to hit a new all-time high of $689.46 billion. According to the data released by the Reserve Bank of India (RBI) on Friday, the foreign exchange reserves had earlier increased by $5,248 billion to $689,235 billion in the week ended September 6. The foreign exchange reserves have increased for the fifth consecutive week. During this period, an increase of $19.40 billion has been observed in the foreign exchange reserves. Now all eyes are fixed on the figure of $700 billion. According to experts, to reach the figure of $700 billion, the country’s foreign exchange reserves need $10 billion, which can be completed in the next 4 weeks.
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Gold reserves also increased
On the other hand, in the week ended September 13, foreign currency assets, considered a major part of foreign exchange reserves, declined by $515 million to $603.63 billion. Foreign currency assets denominated in dollar terms include the impact of movements in non-US currencies such as the euro, pound and yen held in foreign exchange reserves. In the week under review, the value of gold reserves increased by $899 million to $62.89 billion. Special Drawing Rights (SDRs) declined by $53 million to $18.42 billion. According to Reserve Bank data, India’s reserves in the International Monetary Fund (IMF) declined by $108 million to $4.52 billion in the week under review.
Foreign wealth also increased in Pakistan
On the other hand, Pakistan’s foreign exchange reserves have seen an increase for the eighth consecutive week. According to the data, the State Bank of Pakistan’s foreign exchange reserve increased by US$43 million. The central bank said in a statement that the bank’s total foreign exchange reserves exceeded US$9.5 billion during the week ended September 13. Net foreign exchange reserves held by commercial banks amounted to about US$5.3 billion. The South Asian country’s total liquid foreign reserves amounted to approximately US$14.8 billion.
