The forex reserve of the country again crossed the level of 600 billion dollars

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Mumbai: As a result of huge inflows of foreign institutional investors in the stock market of the country, a significant increase in the forex reserve is also being seen and has again crossed the level of 600 billion dollars. In the week ended July 14, Forex reserves increased by 12.74 billion dollars and reached 609.02 billion dollars, according to the figures released by the Reserve Bank of India on Friday.

After the Russia-Ukraine war, the forex reserves of the country had decreased by 100 billion dollars till October last year. However, since then the forex reserve has been continuously increasing. In the week of July 14, forex reserves rose for the third consecutive week. At the end of July 14, forex reserves stood at a fifteen-month high of $609.02 billion.

The increase of $12.74 billion was the largest increase in the last four months, RBI sources said. Revaluation gains due to dollar weakness are also reflected in forex reserves. Apart from this, the Reserve Bank continues to intervene in the forex market to sustain the rupee against the dollar.

It may be mentioned here that during the week of July 14, there was a total net buying of Rs 5,471.78 crore by foreign investors in cash in Indian equities. One of the reasons for the increase in India's forex reserves was the cheap purchase of crude oil from Russia, an analyst said.

Pakistan's foreign exchange reserves doubled to a nine-month high

Pakistan has received huge financial assistance from the International Monetary Fund with the economic relief package. Pakistan's foreign exchange reserves hit a nine-month high. Pakistan's foreign exchange reserves have doubled on a weekly basis as of July 14, with financial support from Saudi Arabia and the United Arab Emirates besides the IMF. Pakistan's foreign exchange reserves reached $8.73 billion, the highest since October, 2022 level of $8.76 billion.

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