India's foreign exchange reserves declined by about USD 2.4 billion to USD 560.003 billion in the week ending on March 10, according to the Reserve Bank of India's latest data.
Notwithstanding the fact that crisis-hit country has completed a major part of IMF conditionality, glitches still remain with regard to external financing requirement.
The reserves rose USD 1.46 billion at the end of last week after falling by a total of USD 15.8 billion in the previous four weeks, the RBI's statistical supplement showed on Friday.
Saudi deposits nod is crucial for clinching the IMF deal as Pakistan facing difficulty in its talks with IMF due to China-US hostility and IMF is reluctant to give any time frame for finalising the deal while the country is in economic chaos.
Taking to Twitter, Pakistan Finance Minister Ishaq Dar announced, " Formalities completed [and] Chinese Bank, ICBC approved rollover of USD 1.3 billion facilities which has been repaid by Pakistan to ICBC in recent months."
Pakistan faces a crippling economic crisis, with decades-high inflation and critically low foreign exchange reserves depleted by continued debt repayment obligations.
The RBI governor said net foreign direct investment (FDI) flows remain strong at USD 22.3 billion during April-December 2022. It was USD 24.8 billion in the corresponding period last year, he added.
Be it capital expenditure, the asset quality of banks, foreign exchange reserves, GST collections, fiscal consolidation path, and convergence of wholesale and retail inflation, Budget document data showed all these indicators to be on strong ground.
India's foreign exchange reserves stood at USD 532.7 billion as of September-end of 2022, covering 8.8 months of imports according to the Economic Survey tabled by Union Finance Minister Nirmala Sitharaman in Parliament today.