On one hand, there has been a decline in India’s foreign exchange reserves for the 7th consecutive week. On the other hand, there has been an increase in Pakistan’s forex reserves. According to the latest data of RBI, there has been a decline of about 18 billion dollars in India’s foreign exchange reserves. The special thing is that in the last 50 days i.e. 7 weeks, there has been a decline of 47 billion dollars in India’s foreign exchange reserves. On the other hand, an increase of 29 billion dollars has been seen in Pakistan’s forex reserves. Let us also tell you what is the status of foreign exchange reserves of both?
Decline for 7 consecutive weeks
Giving information on Friday, RBI said that in the week ending November 15, India’s foreign exchange reserves decreased by US $ 17.761 billion to US $ 657.892 billion. There has been a decline in foreign exchange reserves for the 7th consecutive week. In the last reporting week ending November 8, total reserves declined by US$6.477 billion to US$675.653 billion. Whereas at the end of September, India’s forex reserves had reached a life time high of US $ 704.885 billion. It has been falling for several weeks now, at a time when the rupee is also under pressure.
Gold reserves also declined
There was also a decline in foreign currency assets in the week ending 15 November. According to the data released on Friday, foreign currency assets decreased by US $ 15.548 billion to US $ 569.835 billion. RBI said that gold reserves declined by US $ 2.068 billion to US $ 65.746 billion during the week. The apex bank said Special Drawing Rights (SDRs) declined by US $ 94 million to US $ 18.064 billion. India’s reserve position with the IMF also declined by US $ 51 million to US $ 4.247 billion in the week under review, data from the apex bank showed.
Increase in Pakistan’s forex reserves
The central bank of Pakistan said in a statement on Thursday that the foreign exchange reserves of the State Bank of Pakistan (SBP) have increased by US $ 29 million. The bank said that during the week ended November 15, the bank’s total foreign exchange reserves reached about $11.3 billion. The SBP said the net foreign reserves held by commercial banks stood at about $4.7 billion. The total liquid foreign reserves of the South Asian country were approximately $16 billion.
