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Pakistan’s Reserves Nudge Higher as India’s Buffer Drops on Gold Valuation

RBI cites a lower dollar valuation of gold as the main driver of India’s weekly reserve decline.

Overview

  • State Bank of Pakistan reserves rose by $9 million to $14,560.7 million for the week ended November 21.
  • Pakistan’s total liquid reserves reached $19,605.0 million, with commercial banks holding $5,044.3 million.
  • The Pakistani rupee closed at 280.55 per US dollar with a one-paisa gain, and local gold prices were unchanged.
  • India’s forex reserves fell by $4.472 billion to $688.104 billion in the same week, according to RBI data.
  • RBI reported component moves with foreign currency assets down $1.69 billion, gold down $2.675 billion, SDRs down $84 million, and the IMF reserve position down $23 million.