Indian foreign exchange reserves are on constant ascent; the country is approaching the 700 billion US dollars mark. Again for the sixth consecutive week, the reserve position extends and this is evident of a good position concerning the financial future of the country. At the same time Pakistan’s situation is rather encouraging as the forex reserves added up for the fourth week in a row.
The Indian forex reserves continue to up, hitting yet another high.
According to the information provided India’s foreign exchange reserves up to September 20, 2024 are $692.269 billion and they raised by $2.838 billion previous week. This is the highest record level as the reserves have been increasing for the sixth consecutive week now. Part of the rise has been attributed to external influences such as the recent cut of the US Federal Reserve rate by 50 basis points.
Increase in Foreign Currency Assets and Gold Reserves
Its foreign currency assets (FCA), on which rests the largest portion of the country’s reserve, rose significantly as well. FCAs as of September 20, have increased by $2.057 billion and stand at $ 605, 686 billion.
Also, India’s gold reserves have been increasing meaning that the country’s wealth is expanding. Over the same period, gold reserves rose by $726 million; the total amount of gold being $63.613 billion.
SDRs and IMF Holdings
India’s reserves also rose in Special Drawing Rights (SDRs), which is largely an account of India’s rights on the International Monetary Fund (IMF). SDRs rose by $121m to stand at $18,540m.
But, there was a slightly lower value of foreign exchange reserve position on the IMF for India as it dropped down to $4.456 billion from $4.422 billion of the previous week, dropping by $ 66 million.
Pakistan’s forex reserves demonstrate gradual increase
Pakistan is also sharing good news, thanks to the social networking sites. Its foreign exchange reserves have risen for the fourth consecutive week and by $56.2 million in the week to September 20, 2024. This rises Pakistan’s total reserves to $14.796 billion from an earlier raise of $30.4 million.
