India Foreign Exchange Reserves: India's foreign exchange reserves fell by US$276 million to US$699.96 billion as of October 3. Meanwhile, Pakistan's forex reserves have been rising for the past two weeks.

India Forex Reserve: The Reserve Bank of India (RBI) reported on Friday that the country's foreign exchange reserves declined by US$276 million to US$699.96 billion in the week ended October 3. This figure is slightly below the US$700 billion mark. The previous week, foreign exchange reserves had declined by US$2.334 billion to US$700.236 billion. This is the second consecutive week in which the country's forex reserves have declined. This was primarily due to a decrease in foreign currency assets. 

Foreign currency assets also declined

Foreign currency assets (FCAs), the largest component of the foreign exchange reserves, also declined by US$4.049 billion to US$577.708 billion during the reporting week. It is worth noting that the country's foreign exchange reserves include not only the US dollar but also several other currencies, such as the euro, pound sterling, and yen. When the value of these currencies rises or falls against the dollar, the impact is reflected in the FCA. Special Drawing Rights (SDRs) recorded a marginal increase of US$25 million to US$18.814 billion during the reporting week.

India still strong

Meanwhile, the country's reserves with the International Monetary Fund (IMF) declined marginally by $4 million to $4.6669 billion for the week. Despite this slight decline, India remains one of the countries with the largest foreign exchange reserves. India's gold reserves increased by $3.753 billion in the week ended October 3, reaching $98.77 billion. 

How full is Pakistan's treasury?

Meanwhile, if we look at the status of Pakistan's foreign exchange reserves, according to data released on Thursday, the State Bank of Pakistan (SBP)'s foreign exchange reserves increased by $20 million as of October 3, 2025. With this, it has now reached $14.42 billion. The SBP said in a statement, "During the week ending October 3, 2025, our foreign exchange reserves increased by US$20 million to US$14,420.1 million." Last week, too, Pakistan's foreign exchange reserves increased by $21 million.