Amid rising tensions in the Middle East, fluctuating crude oil prices and concerns over global economic instability, foreign exchange reserves in South Asia have once again become a topic of discussion. In India, the government is currently focusing on saving its foreign exchange reserves from the huge pressure from imports and global uncertainties. Prime Minister Narendra Modi has appealed to citizens to avoid buying gold for a year to stop the outflow of foreign exchange. In the meantime, let us examine the level of foreign exchange reserves of Pakistan and see how much it is compared to India – more or less.
Foreign exchange reserves of both countries
India’s foreign exchange reserves are about 32 times larger than Pakistan’s reserves. As per current data, India’s foreign exchange reserves are approximately $690.69 billion. In contrast, Pakistan’s total foreign exchange reserves are approximately $21.29 billion. This means that India currently has about 32 times more reserves than Pakistan. This huge difference reflects the differences that exist between the two neighboring countries in terms of exports, investment flows, industrial development and economic stability.
India’s strong position
According to Reserve Bank of India data, India’s foreign exchange reserves currently stand at $690.69 billion. Earlier, in February, India had also touched a historic high of about $728.5 billion. Despite a slight decline in reserves due to fluctuations in oil prices, India is still one of the countries in the world with the largest foreign exchange reserves.
Pakistan’s reserves under pressure
According to the State Bank of Pakistan, as of April 30, 2026, Pakistan’s total foreign exchange reserves stood at approximately $21.29 billion. Of this amount, only $15.85 billion is directly deposited with the central bank, while the remaining $5.44 billion is with commercial banks operating within the country. Compared to India, Pakistan’s reserves are considered quite weak; This is because it provides cover (protection) only for 2.5 months of imports.
Pakistan: highly dependent on external aid
Pakistan remains highly dependent on external aid. Pakistan’s foreign exchange reserves depend largely on external loans and aid programmes. The country has repeatedly sought a bailout package from the International Monetary Fund (IMF) to deal with the economic crisis, stabilize its currency and meet external payment obligations. Overdependence on imports, debt servicing pressures and recurring current account deficits are putting continued pressure on Pakistan’s foreign exchange reserves.