India’s Forex Reserves: India’s foreign exchange reserves have increased for the third consecutive week. The country’s foreign exchange reserves rose $ 7.65 billion to $ 638.26 billion in the week ended February 7. The Reserve Bank of India (RBI) has given this information on Friday. In the week ended January 31, it rose $ 1.05 billion to US $ 630.607 billion. There was a recent decline in the store due to intervention in RBI’s foreign exchange market as well as valuations to help reduce rupee fluctuations. Earlier in the end of September 2024, foreign exchange reserves rose to an all -time high level of US $ 704.885 billion.
Increase in value of gold reserves
According to the data released by the RBI, a major part of the foreign exchange reserves increased by $ 6.42 billion to $ 5444.11 billion in the week ended February 7. Foreign exchange assets mentioned in terms of dollars include the effects of the decrease of non-American currencies such as euros, pounds and yen placed in foreign exchange reserves. In the week under review, the price of gold reserves rose $ 1.31 billion to $ 72.21 billion. Special Drawing Rights (SDR) rose $ 1.1 crore to $ 17.88 billion. According to the data of the Reserve Bank of India, India’s reserved reserves with the International Monetary Fund (IMF) declined by $ 7.1 million to $ 4.07 billion in the week under review.
Pakistan’s treasury declines
Apart from India, Pakistan’s foreign exchange reserves have declined. State Bank of Pakistan’s foreign exchange reserves have fallen by $ 252 million. This decline has come due to repayment of external debt. The bank’s total foreign exchange reserves stood at around $ 11.2 billion in the week ended on 7 February. At the same time, the foreign exchange reserves of commercial banks stood at $ 4.6 billion. Thus Pakistan’s foreign exchange reserves stood at $ 15.8 billion.
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