Forex reserves hit all-time high of $704.89 billion

THE country's forex reserves hit all-time high of $704.89 billion, up a whopping $12.5 billion in the week to September 27, the Reserve Bank said on Friday, something that can assuage a fraught market following the heightened tension in the Middle East.

- BEN A FOCHUVEEDAN

With this, the RBI has amassed a whopping $113 billion to the reserves in the 12 months period ending September 27. The $12.5 billion accretion is the largest weekly addition so far. In comparison, this is nearly three times the GDP of Pakistan and makes it the world's fourth largest.