There has been a decline in India's forex reserves. Image Credit source: File photo
After about a month, i.e. after Diwali, there was no joy in the country. The country's forex reserve appeared to be filled with gold and dollars. Where the forex reserves had decreased in a month or four consecutive weeks, almost the same amount came back in a single week. This means that the country's forex reserves have increased by about 4.50 billion dollars i.e. 40 thousand crore rupees. On the other hand, India's gold reserves are being seen continuously.
An increase of more than 6 billion dollars has been seen in the country's gold reserve. According to experts, RBI has purchased more gold. Due to which an increase in reserves has been seen. In the current financial year, the Central Bank of India has accumulated more than 40 billion dollars in gold reserves. On the other hand, there has been an increase in the gold reserves of the neighboring country Pakistan. Let us also tell you how much the country's forex and gold reserves have become.
Due to increase in the value of gold reserves, the country's forex reserve increased by $ 4.49 billion to $ 702.28 billion in the week ending October 17. According to the Reserve Bank of India (RBI), the country's total foreign exchange reserves had decreased by $ 2.176 billion to $ 697.784 billion a week ago. However, there was a decline in India's forex reserves for four consecutive weeks. In these four weeks, there was a decline of 5.19 billion dollars in the country's gold reserve. Till now the country's forex reserve has crossed the $700 billion mark, but has not been able to leave behind the all-time high of September 2024.
On the other hand, there has been a decline in the foreign currency assets of RBI. According to RBI data, foreign currency assets, considered the main component of forex reserves, declined by $ 1.692 billion to $ 570.411 billion in the week ending October 17. Expressed in dollar terms, foreign currency assets include the impact of appreciation and depreciation of non-US currencies such as the euro, pound and yen.
According to RBI, the value of the country's gold reserve increased by $ 6.18 billion to $ 108.546 billion in the week under review. Due to increase in the price of gold, a sharp increase was recorded in the value of its gold reserves. During this period, Special Drawing Rights (SDR) increased by $38 million to $18.722 billion. According to Reserve Bank data, India's reserves with the International Monetary Fund decreased by $30 million to $4.602 billion in the week under review.
The foreign exchange reserves of the Central Bank of Pakistan have increased by 14 million US dollars in a week. The State Bank of Pakistan (SBP) said in a statement that during the week ending October 17, the central bank's foreign exchange reserves stood at $14.46 billion. SBP further said that the net foreign exchange reserves with commercial banks were recorded at $5.40 billion. The total foreign exchange reserves of the country were 19.85 billion dollars.
