India’s foreign exchange reserves declined by $3.23 billion to $654.86 billion during the week ended December 6, according to data released by the Reserve Bank of India on Friday.
In the previous week, the reserves had increased by $1.51 billion to $658.09 billion. In late September, India’s foreign exchange reserves had hit an all-time high of $704.88 billion.
According to RBI data, foreign currency assets, considered a major component of the reserves, declined by $3.23 billion to $565.62 billion during the week ended December 6.
Gold Reserves Also Declined
Foreign currency assets, mentioned in dollar terms, include fluctuations in non-US currencies such as the euro, pound and yen held in the foreign exchange reserves.
During the week under review, the value of gold reserves fell by $43 million to $66.93 billion. Special drawing rights (SDRs) rose by $25 million to $18.03 billion.
India’s reserve position with the International Monetary Fund (IMF) rose by $12 million to $4.27 billion during the week under review, according to Reserve Bank data.
Pakistan’s Foreign Exchange Reserves Increase
Amid rising debt, Pakistan’s foreign exchange reserves have seen an increase. The reserves of the State Bank of Pakistan have increased by $13 million.
The bank said that the total foreign exchange reserves for the week ended December 6 were $12 billion. Meanwhile, the reserves held by commercial banks reached $4.6 billion.
As a result, Pakistan’s total foreign exchange reserves have increased to $16.6 billion.
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