India's Foreign Exchange Reserves Reduced by $47 Billion - Pakistan Celebrates
Over the past 50 days, India's foreign exchange reserves (FOREX) have dropped by an astounding $47 billion, while pakistan, its fiercest adversary, has seen a notable rise in its Forex reserves. According to data made public by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI), India's foreign exchange reserves fell for the seventh week in a row, losing almost $18 billion this week.
Pakistan has reportedly had a kind of comeback, with its foreign exchange reserves rising by almost $29 billion over the past 50 days, while India's have decreased. According to a friday RBI statement, India's foreign exchange reserves dropped $17.761 billion to $657.892 billion for the week ending november 15 and $6.477 billion during the week ending november 8. Notably, at the end of September, India's foreign exchange reserves hit an all-time high of $704.885, but they have since been steadily declining.
Pakistan has reportedly had a kind of comeback, with its foreign exchange reserves rising by almost $29 billion over the past 50 days, while India's have decreased. According to a friday RBI statement, India's foreign exchange reserves dropped $17.761 billion to $657.892 billion for the week ending november 15 and $6.477 billion during the week ending november 8. Notably, at the end of September, India's foreign exchange reserves hit an all-time high of $704.885, but they have since been steadily declining.
India's gold reserves dwindle
India's foreign exchange holdings decreased by $15.548 billion to $569.835 billion during the week, according to RBI statistics. According to the RBI, India's special drawing rights (SDRs) plummeted by US $94 million to $18.064 billion, while the nation's gold reserves also fell by $2.068 billion to $65.746 billion.
India's reserve position with the IMF also decreased by $51 million to $4.247 billion during the week, according to figures released on Friday.
India's reserve position with the IMF also decreased by $51 million to $4.247 billion during the week, according to figures released on Friday.
Pakistan forex reserves surge
The state bank of pakistan (SBP), the nation's central bank, announced that at the end of the week, its total foreign exchange reserves had risen to $11.3 billion, marking a notable gain in Pakistan's foreign exchange reserves over the previous several weeks.
The SBP stated in a statement that Pakistan's overall liquid foreign reserves were around $16 billion, while the net foreign exchange reserves held by the country's commercial banks were approximately $4.7 billion.
The SBP stated in a statement that Pakistan's overall liquid foreign reserves were around $16 billion, while the net foreign exchange reserves held by the country's commercial banks were approximately $4.7 billion.