India has today become the fifth largest economy in the world. On the other hand, the neighboring country Pakistan, which came into existence with the independence of India, is somehow turning the wheels of its economy with the help of the loan received from the IMF. Yet in a matter where India has been suffering losses for the last few weeks, Pakistan is celebrating in this matter.
Here we are talking about the forex reserves of India and Pakistan. India’s foreign exchange reserves have been facing a decline for the last few weeks. During this period, Pakistan’s forex reserve has increased. However, the foreign exchange reserves of both the countries cannot be compared on the basis of value, because there is a lot of difference between the two.
India’s forex reserves
India’s foreign exchange reserves declined by $3.46 billion to $684.80 billion in the week ending October 25. Reserve Bank of India (RBI) has released the latest data in this regard. Whereas at the end of September, India’s forex reserve had reached its all-time high of $ 704.88 billion.
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India’s foreign exchange reserves include currencies of different countries along with gold reserves, Special Drawing Rights (SDR) received by India from the IMF, Indian currency deposited with the IMF, etc. India keeps currencies of different countries in its forex reserves, but calculates them in dollars only.
Now, in the week ending October 25, the total value of foreign currencies held by India came to $593.75 billion. The country’s gold reserve became 68.52 billion dollars. At the same time, the country’s SDR remained at $18.21 billion and the reserve position with the IMF remained at $4.30 billion.
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Pakistan is celebrating
On the other hand, Pakistan’s central bank ‘State Bank of Pakistan’ has also released the data of forex reserves in the week of October 25. Pakistan’s forex reserve stood at $16.04 billion in the week of October 25, which was $16.01 billion in the previous week i.e. ending October 18. This means his forex reserve has increased.
