2024-08-19 01:06:51
New DelhiIndia’s foreign exchange reserves have slipped once again after reaching a record high. During the week ending on 9 August, India’s foreign exchange reserves have decreased by $4.80 billion. A week before this, there was a huge increase of $7.53 billion in it. With this, our foreign exchange reserves have decreased to $670.11 billion. On the other hand, the foreign exchange reserves of our neighboring country Pakistan are increasing. This is the third consecutive week in which its foreign exchange reserves have increased.
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According to the data released by the Reserve Bank of India, during the week ended August 9, 2024, its reserves decreased by $4.809 billion to $670.119 billion. Earlier, during the week ended August 2, 2024, it had increased by $753 billion and its foreign exchange reserves reached an all-time high.
Decrease in foreign currency assets
According to the weekly data released by the Reserve Bank, India’s foreign currency assets have decreased during the week under review. During the week ending on 9 August, there has been a decrease of $4.079 billion in foreign currency assets (FCAs). Now our FCA reserves have decreased to USD 587.960 billion. It is worth mentioning that foreign currency assets or Foreign Currency Assets (FCA) form an important part of the total foreign exchange reserves. The foreign currency assets expressed in dollars also include the effects of fluctuations in non-US currencies like Euro, Pound and Yen.
Gold reserve also decreased
The country’s gold reserves have also decreased in the past week. During the week ending on August 9, India’s gold reserves have decreased by 860 million dollars. Now our gold reserves are reduced to USD 59.239 Billion.
SDR increased
According to the Reserve Bank data, India’s Special Drawing Right (SDR) has increased in the past week. During the week under review, SDR has increased by 121 million dollars to 18.282 billion dollars. According to the Reserve Bank data, the country’s currency reserves kept with the International Monetary Fund (IMF) have increased marginally by 18 million dollars in the week under review. Now it has increased to USD 4.638 Billion.
Dollar reserves are increasing in Pakistan
There is a huge shortage of foreign currency in our neighboring country, Pakistan, at this time. The situation is that only essential goods are being imported there. However, the foreign exchange reserves there have been increasing for the last few weeks. During the week ending on August 9, there was an increase of $ 173.3 million in the foreign exchange reserves there. Now the reserves there have become $ 14.643 billion. A week before this, that is, during the week ending on August 2, 2024, there was also an increase of $ 80.2 million. A week before this, that is, during the week ending on July 26, there was an increase of $ 56.3 million in the currency reserves there.