According to recent data released by Reserve Bank Of India, India’s foreign Exchange reserves have touched its lifetime high of $437.83 billion. RBI data shows foreign exchange reserves increased by $4.24 billion and reached a record high of $437.83 billion in this week.
According to RBI, the Foreign Reserves Exchange had increased by massive $5.02 billion to $433.59 billion in the previous week.
Gold reserves also increased by $232 million and reached to $27.17 billion during last week.
What is Forex reserves ?
Forex reserves are the cash and other reserves assets of a country which is held by the central bank or other monetary authority of the country which are used in balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets.
Pakistan Foreign Reserves:
India has nearly 30 times more foreign Exchange Reserves than Pakistan’s total liquid foreign reserves. According to recent data of SBP (State Bank of Pakistan) on Sep 27, 2019, the total foreign reserves of Pakistan stands at $14.992 billion.
- Foreign reserves held by the State Bank of Pakistan — $7.757 billion
- Net foreign reserves held by commercial banks — $7.235 billion
- Total liquid foreign reserves — $14.992 billion
China Foreign Exchange Reserves:
China has world’s highest Foreign Exchange Reserves with estimated $3.10 trillions which is nearly 7 times more than India’s Foreign Exchange Reserves and 210 times more than Pakistan’s total foreign Exchange Reserves.