Overview
- India’s foreign exchange reserves rose by $9.905 billion to $716.90 billion in the week ended August 14, 2026, driven primarily by inflows under the RBI’s FCNR(B) deposit scheme and a $2.67 billion gain in gold holdings.
- Pakistan’s total liquid foreign reserves stood at $22,506.1 million as of August 13, 2026, with the State Bank of Pakistan holding $17,081.9 million after a modest $25 million weekly increase.
- Commercial banks in Pakistan held $5,424.2 million in net foreign reserves for the same week, and the combined reserves provide roughly 2.55 months of import cover for the country.
- SBP weekly swings reflect a push-pull dynamic where inflows from IMF disbursements, Panda and Eurobond proceeds lift reserves while scheduled external debt repayments cause sharp declines.
- The contrast in buffers matters for policy and markets because India’s large, managed inflows give greater room to absorb shocks, whereas Pakistan’s smaller, episodic support makes its currency and local asset prices more vulnerable to volatility.