There has been a decline in the country’s foreign exchange reserves for the fourth time in the last 5 weeks. Last week an increase in forex reserves was seen. But this week the country’s currency has been continuously seen at 89 and above against the dollar. The effect of which has been seen in the forex reserves of the country. Apart from the forex reserve, there has also been a decline in the country’s gold reserve. Whereas a few weeks ago the country’s gold reserve with RBI had reached a record level. However, in the current financial year, RBI has focused a lot on gold reserves and there is a lot of purchasing of gold. Let us also tell you what kind of figures have been presented by RBI…
Huge decline in forex reserves
According to Reserve Bank of India data, the country’s foreign exchange reserves declined by $ 4.47 billion to $ 688.10 billion in the week ending November 21. The currency reserves have decreased mainly due to the huge fall in the value of gold reserves. Due to this, in the last week the foreign exchange reserves had increased by 5.54 billion dollars to 692.58 billion dollars. By the way, for the fourth time in the last 5 weeks there has been a decline in Forex reserves. The country’s forex reserve stood at $702.28 billion in the week ending October 17. Since then, there has been a decline of 14.18 billion dollars in forex reserves.
Big decline in gold reserves
According to data released on Friday, foreign currency assets, a major component of forex reserves, declined by $ 1.69 billion to $ 560.6 billion in the week ending November 21. Expressed in dollar terms, foreign currency assets include the impact of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in foreign exchange reserves. RBI said that during the week the value of gold reserves decreased by $ 2.67 billion to $ 104.18 billion. Special Drawing Rights (SDR) also declined by $84 million to $18.57 billion. According to the data, India’s reserves in the International Monetary Fund (IMF) decreased by $ 23 million to $ 4.76 billion in the week under review.
Increase in Pakistan’s forex reserves
The State Bank of Pakistan has recorded a slight increase in the country’s foreign exchange reserves, showing an increase of $9 million during the week ending November 21. According to the latest update, the foreign exchange reserves of SBP have reached $14.56 billion. According to the central bank, commercial banks currently have foreign exchange reserves of $5.04 billion. Overall, Pakistan’s total liquid reserves have increased to $19.61 billion. Officials say even small weekly improvements help ease external payment pressures and contribute to better financial stability. Regular investment supports Pakistan’s broader efforts to strengthen its economic outlook.
Leave a Reply