India’s treasury has been damaged in the second consecutive week. India’s foreign exchange reserves have seen a decline of more than $ 6 billion in these two weeks i.e. about 53 thousand crores. The biggest reason for this is believed to be the rise in the dollar index and the fall in the rupee. According to experts, in the coming days, there can be further decline in the country’s foreign exchange reserves. Currently, the rupee has crossed the 86 level in the dollar.
The trade deal between India and America cannot be finalized yet. On the other hand, America is constantly threatening to impose tariffs to BRICS countries. The part of which is also India. In such a situation, the impact of weakness in India’s rupee is being seen in the foreign exchange reserves of the country. The Central Bank is constantly spending dollars to handle the rupee.
On the other hand, there is a wave of Islamabad happiness across the border. There is also the reason for this. Pakistan’s Forex Reserve has seen an increase of more than $ 20 million. After which the total liquid forex reserve has reached about $ 20 billion. Let us also tell you how much decline has been seen in the country’s forex reserve.
Forex reserve declines for second consecutive week
Giving information, the Reserve Bank of India (RBI) said that India’s foreign exchange reserves declined by $ 3.06 billion to $ 696.67 billion in the week ended July 11. The total foreign exchange reserves declined by $ 3.05 billion to $ 699.74 billion in the last week. This means that the country’s foreign exchange reserves have seen a decline of $ 6.11 billion in two consecutive weeks. If you convert it to the rupee, then about 53 thousand crore rupees are sitting. Foreign exchange reserves reached the highest level of $ 704.88 billion at the end of September 2024 so far.
Gold reserve also broken
According to the data released on Friday, the major component of foreign exchange reserves in the week ended July 11 declined by $ 2.48 billion to $ 588.81 billion. Foreign currency assets mentioned in the context of the dollar include the effects of the decrease of non-American currencies such as euros, pounds and yen placed in foreign exchange reserves. The Reserve Bank said that the price of gold reserves declined by $ 49.8 million to $ 84.35 billion during the week. The central bank said that the SDR declined by $ 6.6 million to $ 18.80 billion. According to central bank data, India’s reserved reserves with the IMF also declined by $ 2.4 million to $ 4.71 billion.
Pakistan’s Forex Reserve increases
State Bank of Pakistan (SBP) foreign exchange reserves have increased by US $ 2.3 million. SBP said in a statement that during the week ended July 11, the bank’s total foreign exchange reserves increased to about $ 14.53 billion. According to this, commercial banks had net foreign exchange reserves of $ 5.43 billion. According to SBP, the total liquid foreign exchange reserves near the South Asian country stood at around $ 19.96 billion.