There has been a decline in India’s forex reserves. Image Credit source: File photo
Before Diwali, bad news has been heard for the fourth consecutive week regarding the country’s foreign treasury. There is a continuous decline in the country’s forex reserves. In the last one month i.e. four weeks, more than 5 billion dollars i.e. about 46 thousand crore rupees have been cleared from the forex reserves. However, a very slight decline was seen in the last week. According to experts, the government has used foreign treasury to manage the rupee. Due to which there has been a decline in forex reserves. However, an increase in forex reserves may be seen in the coming days. On the other hand, there has been an increase in Pakistan’s forex reserves. Let us also tell you how much forex reserve is left in India. Whereas how much increase has been seen in Pakistan’s forex reserves.
How much decline in India’s forex reserves?
There has been a decline of $ 2.18 billion in the country’s forex reserves in the week ending October 10. After which the country’s forex reserve has become 697.78 billion dollars. Earlier, there was a decline of 0.28 billion dollars in the country’s forex reserves. After which the country’s forex reserve had become 699.96 billion dollars. However, there has been a decline in Forex reserves for the last 4 weeks. The forex reserve was last seen in the week ending September 12, when the forex reserve had become $ 702.97 billion. Since then, there has been a decline of 5.19 billion dollars i.e. about 46 thousand crore rupees in forex reserves.
decline in forex currency assets
On the other hand, a decline has also been seen in foreign currency assets. According to the data, there has been a decline of 5.605 billion dollars in the country’s foreign currency assets during the week ending October 10. After which the country’s foreign currency assets have increased to 572.103 billion dollars. Expressed in dollar terms, foreign currency assets reflect the rise or fall in the value of non-US units such as the euro, pound and yen held in foreign exchange reserves. However, there has been a significant decline in foreign currency assets for the last few weeks.
Increase in gold reserve
On the other hand, there is a continuous increase in the country’s gold reserve. If we look at the figures, an increase of 3.595 billion dollars has been seen in the country’s gold reserve during this period. After which the total gold reserve of the country has become 102.365 billion dollars. The special thing is that in the current financial year the gold reserve has increased to 36.707 billion dollars. According to RBI data, SDR decreased by US $ 1319 million to US $ 18684 million. On the other hand, in the week under review, India’s reserve position with the IMF decreased by US $ 36 million to US $ 4632 million.
Increase in Pakistan’s forex reserves
According to the State Bank of Pakistan, the foreign exchange reserves of the Central Bank of Pakistan increased by 21 million US dollars. SBP said in a statement that during the week ending October 10, the foreign exchange reserves of the central bank stood at $ 14.44 billion. Net foreign exchange reserves of commercial banks reached $5.37 billion. The total foreign exchange reserves of the country stood at 19.81 billion dollars.