Country India’s foreign exchange reserves have jumped by $5.16 billion to reach an all-time high of $657.16 billion in the week ending July 5. The Reserve Bank of India gave this information on Friday. In the previous week, the total currency reserves had decreased by $ 1.71 billion to $ 651.99 billion. On June 7 this year, foreign exchange reserves had reached $655.82 billion. According to Reserve Bank data, foreign currency assets, considered an important part of the currency reserves, increased by $ 4.23 billion to $ 577.11 billion in the week ending July 5.
Increase in gold reserves
Foreign currency assets denominated in dollar terms include the impact of movements in non-US currencies such as the euro, pound and yen held in foreign exchange reserves. The Reserve Bank said that during the week under review, the value of gold reserves increased by $ 904 million to $ 57.43 billion. Special drawing rights (SDR) increased by $ 21 million to $ 18.04 billion. The Reserve Bank said that in the week under review, India’s reserve deposits with the International Monetary Fund (IMF) increased by $ 4 million to $ 4.58 billion.
Pakistan’s currency reserves also increased
There has been an increase in the foreign exchange reserves with the State Bank of Pakistan. It rose by $16 million to $9.405 billion in the week ended July 5. IMF has forced Pakistan to improve its currency reserves. Pakistan’s total foreign exchange reserves reached $14.64 billion this week.
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