There has been a decline in India’s foreign exchange reserves for the 6th consecutive week. In these 6 weeks, more than 29 billion dollars have been lost from India’s Forex. This time there has been a loss of about 6.50 billion dollars. Whereas at one time India’s forex had crossed 700 billion dollars. Since then, there has been a continuous decline in the Indian rupee. Due to which India has to spend more dollars for imports. The effect of which is visible in India’s foreign exchange reserves. On the other hand, an increase has been seen in Pakistan’s forex reserves this time. Where the forex reserves of State Bank of Pakistan have increased. On the other hand, the foreign exchange reserves of commercial banks have decreased. However, in the previous week there was a decline in overall foreign exchange reserves of Pakistan. Let us also tell you what kind of figures of foreign exchange reserves have been presented by the central banks of both the countries.
decline in foreign exchange reserves
According to the information given by the Reserve Bank of India, India’s foreign exchange reserves decreased by 6.48 billion dollars to 675.65 billion US dollars in the week ending November 8. Last week, the country’s foreign exchange reserves had declined by $2.67 billion to $682.13 billion. At the end of September, foreign exchange reserves had reached an all-time high of $ 704.88 billion, which has been declining for the last several weeks. In this way, India’s foreign exchange reserves have reduced from life time high or in other words by 29.23 billion dollars in 6 weeks.
Assets and gold reserves also decreased
According to the data released by the Reserve Bank on Friday, foreign currency assets, considered an important part of foreign exchange reserves, declined by $ 4.47 billion to US $ 585.38 billion in the week ending November 8. In the same period, the gold reserve also decreased by 1.94 billion dollars to 67.81 billion US dollars. Special Drawing Rights (SDR) declined by $60 million to $18.16 billion. According to Reserve Bank data, India’s reserves with the International Monetary Fund (IMF) declined by $14 million to $4.30 billion in the week under review.
Increase in Pakistan’s forex reserves
In contrast, Pakistan’s total foreign exchange reserves increased by 34 million dollars last week. According to the weekly report released by the State Bank of Pakistan (SBP), the country’s total liquid foreign reserves stood at $15.966 billion as of November 8, 2024, while it stood at $15.932 billion as of November 1, 2024. According to the report, SBP’s foreign exchange reserves increased by $ 84 million from $ 11.175 billion to $ 11.259 billion. However, net foreign reserves held by commercial banks declined by $50 million, falling to $4.707 billion by the end of the week. SBP Governor Jamil Ahmed has estimated that the central bank’s reserves are likely to cross the $12 billion mark by the end of November 2024, indicating a positive momentum in the country’s foreign reserves position.
