Foreign Exchange: Its foreign exchange reserves at the top of 8 months, Pakistan decreased after increasing for 6 weeks – India’s foreign exchange reserve rose again pakistan reserve decreased
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Increase in India’s dollar reserves
According to the data released by the Reserve Bank of India, during the week ending March 24, there has been an increase of $ 5.98 billion in its foreign exchange reserves. With this, now its foreign exchange reserves have reached $578.78 billion. Earlier, during the week ending March 17, 2023, there was an increase of $ 12.798 billion in its foreign exchange reserves. Earlier, the country’s foreign exchange reserves had reached an all-time high of USD 645 billion in October 2021.
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Foreign currency assets also increased
If we look at the weekly data of the Reserve Bank, then during the week ending March 24, 2023, our own foreign currency asset has also increased. During the week under review, it has increased by $ 4.38 billion to reach $ 509.728 billion. Even a week before this, it had increased by $ 10.485 billion. It is noteworthy that Foreign Currency Assets (FCAs) form a significant part of the total foreign exchange reserves. Expressed in dollars, foreign currency assets also include the effects of movements in non-US currencies such as the euro, pound and yen.
Gold reserve also increased
The value of the country’s gold reserves has also increased during the week under review. During the week ending March 24, it has increased by $ 1.37 billion to reach $ 45.48 billion. Even a week before this, it had increased by $ 2.187 billion.
SDR also increased
According to the Reserve Bank data, India’s Special Drawing Rights or Special Drawing Rights (SDR) have also increased during the last week. During the week under review, it increased by $ 201 million to reach $ 18.419 billion. Even a week before this, it had increased by $ 98 million. The country’s currency reserves with the International Monetary Fund (IMF) also increased by $ 27 million to $ 5.151 billion in the week under review.
Decrease in Pakistan’s foreign exchange reserves
Talking about the economic condition of Pakistan, at present there is a pauper like situation. There has been a decrease in the forex reserves there during the week ended March 24. However, before this, the foreign exchange reserves there have been increasing for six consecutive weeks. In January this year, the total foreign exchange reserves there were $ 3.11 billion. Growing continuously for six weeks, it reached $ 4.59 billion in the week ending March 17, 2023. But during the week ending March 24, it declined sharply to $354.4 million. Now there is only $ 4.24 billion left in foreign exchange reserves.
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