Foreign Exchange

India had fifth largest forex reserves in the world as of Feb 2023, says RBI bulletin

The Reserve Bank of India sold net $384 million in the spot foreign exchange market in January, the central bank's monthly bulletin showed on Tuesday

The domestic currency has experienced turbulence since February due to apprehensions of more rate hikes by the US Federal Reserve

"The dollar index is not stretching as the typical risk-off scenario. Unless commercial activity drops across the world, which does not seem to be the case, we may not see any major impact"

Foreign Exchange Dealers' Association should take lead in safeguarding customers against fraud platforms: Deputy Governor

Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20

From June to October, the central bank sold dollars every month

India's forex reserves increased by USD 1.727 billion to USD 573.727 billion in the week ended January 20, the Reserve Bank of India said on Friday. This is the second consecutive week of a rise in the kitty after the USD 10.417 billion jump to USD 572 billion during the preceding week. In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. In October 2022, the reserves had swelled by USD 14.721 billion during a week. During the reporting week, the foreign currency assets, a major component of the reserves, increased by USD 839 million to USD 506.358 billion, according to the Weekly Statistical Supplement released by the RBI on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreig

The rupee on Monday had opened higher, but reversed course on heavy dollar-buying by public sector banks to suffer its worst session against the dollar in a month

Forward purchase book shrinks $10 bln as RBI spreads out interventions

The rupee weakened by 11 paise to 82.73 against the US dollar in early trade on Tuesday as a sell-off in domestic equities and rising crude prices in global markets weighed on the local unit. However, a weak greenback against major rivals overseas supported the domestic currency and restricted the fall, forex traders said. At the interbank foreign exchange, the local currency opened weak at 82.69 against the dollar, then lost ground further to 82.73, registering a decline of 11 paise over its previous close. The rupee settled 13 paise higher at 82.62 against the dollar in the previous session on Monday. In the domestic equity market, the 30-share BSE Sensex was trading 303.59 points or 0.49 per cent lower at 61,502.60, and the broader NSE Nifty slipped 95.85 points or 0.52 per cent to 18,324.60. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.37 per cent to 104.33. Brent crude futures, the global oil benchmark, rose

The rupee depreciated 15 paise to 82.64 against the US dollar in early trade on Thursday after the US Federal Reserve's interest rate hike and its hawkish stance dented investor sentiments. A strong dollar against key rivals overseas and losses in the domestic equity markets sapped risk appetite, forex dealers said. At the interbank foreign exchange, the domestic unit opened sharply lower at 82.63 against the dollar, then slipped further to 82.64, a decline of 15 paise over its previous close. In the previous session on Wednesday, the rupee settled 11 paise higher at 82.49 against the US dollar. The US Fed on Wednesday increased interest rates by 50 basis points on expected lines and signalled more hikes ahead to fight inflation. The US central bank raised the interest rate to 4.25-4.50 per cent to the highest level in 15 years. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 103.85. Brent crude futures,

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

Court also asks Centre to file a reply in the case in six weeks; next hearing on March 20

To float AA-rated 10-year NCDs at a lower rate of interest than the 5.37% coupon on dollar-denominated senior secured notes due for repayment in April 2024

Sitharaman declined to describe specifics from the letter, but added that the government's top three priorities for 2023 will be "growth, health and education."

"Potential disruption to the forex markets can be serious"

SL banks must open nostro accounts with Indian banks

The RBI said it bought $23.27 billion and sold $33.62 billion in the spot market

Data suggests bulk of the exports will come from largescale electronic manufacturing, which is dominated by mobiles