Forex

Forex reserves equivalent to six months' import bills are considered adequate for a growing economy like Bangladesh

They were earlier permitted to transact in rupee NDF forex derivatives contracts with non-residents and with other eligible banks

Goa's Thomas Cook Airport counters will enable foreigners from G20 countries and NRIs to make UPI eligible Indian Rupee transactions upon arrival

Barely days after signing a USD 3 billion financing in India's most widely syndicated loan, Reliance Industries Ltd and its unit Reliance Jio Infocomm have raised USD 2 billion add-on foreign currency facility at most competitive rates, sources said. The USD 3 billion financing closed on March 31 and the add on USD 2 billion thereafter. The fund raising is the largest through syndicated term loans by an Indian corporate house in at least five years, the banking sources involved in the deal said. The primary syndication of USD 3 billion involved around 55 lenders, including nearly two dozen Taiwanese banks as well as global giants such as Bank of America, HSBC, MUFG, Citi, SMBC, Mizuho, and Credit Agricole. The new loan of USD 2 billion has the same terms as the borrowing signed on March 31 with 55 lenders, including 40 that joined in two phases of syndication. The sources said the blowout response was not surprising considering the momentum the USD 3 billion borrowing had already .

That is an increase of $5.98 billion from the previous week

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

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

These branches essentially offer banking services such as channelising the flow of money and maintaining bank accounts, along with forex conversion, and custodial services

The ED said that a total of 180 accounts were found involved in the layering of funds received from investors in the name of forex trading on TP Global FX platform

The reserves stood at $560.94 billion in the week to Feb 24

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

In the week gone by, the rupee depreciated 0.4 per cent against the US dollar, settling at 82.83 per US dollar on February 17

The reserves stood at $566.95 billion in the week to Feb 10, down $8.3 billion from the previous week

Analysts expect power cuts in Bangladesh to worsen this year, as a rapid decline in the value of its currency and foreign exchange reserves have limited its ability to import power generation fuels

Pak's $3.19 bn in foreign currency reserves mean that the nation is unable to fund imports, stranding thousands of containers of supplies on its ports and stalling production, putting jobs at risk

RBI likely sold dollars to shield rupee amid Fed hike concerns

The rupee opened on a positive note and gained 12 paise to 81.76 against the US dollar in early trade on Wednesday ahead of the Union Budget presentation. At the interbank foreign exchange, the domestic unit opened at 81.76 against the dollar, registering a rise of 12 paise over its previous close. On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficit. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 102.08. Brent crude futures, the global oil benchmark, declined 0.48 per cent to USD 84.49 per barrel. The focus now will be on the government's fiscal consolidation path when it presents the Union Budget FY24. Investors will also eye the outcome from the Fed meeting later in the evening,

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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

Favourable forex variation, softening commodity prices and higher non-operating income drive performance, consolidated revenue jumps 26.9% to Rs 29,918 crore