India Forex Reserve

A comfortable level of foreign exchange reserves will further bolster macroeconomic stability, RBI Governor Shaktikanta Das said while announcing the bank's monetary policy decision on Thursday.

The rupee fell for the fourth day in a row on Thursday and depreciated by 12 paise to 82.77 (provisional) against the US dollar amid mixed global equity market cues and foreign fund outflows. Traders said positive sentiments in the domestic equity market and weaker dollar, however, resisted the decline in the Indian currency. At the interbank foreign exchange, the domestic unit opened lower at 82.77 against the dollar. It traded between 82.60 and 82.80 levels, and settled at 82.77 (provisional) against the American currency, registering a fall of 12 paise against its previous close. This is the fourth consecutive day of decline in the rupee. On Wednesday, the rupee settled at 82.65 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.25 per cent to 104.38. Global oil benchmark Brent crude futures rose 1.23 per cent to USD 74.60 per barrel. On the domestic equity market front, the 30-share BSE Sensex r

The rupee appreciated 19 paise to close at 82.51 (provisional) against the US dollar on Wednesday after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points. A rally in the domestic equity markets and weakness in the greenback against major crosses overseas also supported the rupee, forex traders said. However, surging crude prices in the international market and persistent foreign fund outflows restricted the appreciation bias in the local unit, they added. At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback. It finally settled at 82.51, up 19 paise over its previous close of 82.70. The Reserve Bank of India slowed the pace of interest rate increases for the second straight time when it on Wednesday expectedly increased borrowing cost by 25 basis points but hinted more to come as core inflation remained high. The central bank projected India's economic gr

The RBI in the past has said changes in its reserves is a function of revaluation gains or losses, as well as market interventions

The latest data marks the first time since May that the RBI's reserves have risen for two consecutive weeks

India's forex reserves rose by $6.5 billion to $531.1 billion in the week through Oct. 28, marking their biggest weekly increase since September 2021, data released by the Reserve Bank of India showed

The increase in reserves is mainly due to a rise in foreign currency assets that went up by $5.7 billion during the week

The primary reason for the decline is foreign currency assets, which recorded a dip of $3.5 billion to $465 billion

Negotiations are on with Russia, Cuba and Sudan among others to do so. Officials are hopeful that Saudi Arabia, UAE and Luxembourg would also come on board

The country's reserves rose by $204 million from the previous week, the first increase since the week ended July 29

India's foreign exchange reserves fell to $532.66 billion in the week through Sept. 30, their lowest level since July 2020, the Reserve Bank of India's (RBI) weekly statistical supplement showed

Since the beginning of 2022, India's reserves have fallen 13.88 per cent from $633.6 billion to $545.6 billion

At the current rate, the reserves may provide cover for eight months of imports in FY23. Four months could be considered a danger mark

Amid fast-depleting forex reserves, the Finance Ministry signalled that it was not in favour of selling the dollar to defend any particular level of the rupee

CAD is expected to hit a decadal high of 3.8% of GDP, or $130.5 bn; to make matters worse, FDI inflows expected are on gross basis and net inflows would be much lower than $100 bn

"The central bank should intervene to ensure that a falling currency does not eclipse India's fundamentals," Abheek Barua, chief economist at HDFC Bank, wrote in a note this week

The rupee has depreciated 9.7 per cent against the dollar since September 2021

India's foreign exchange reserves fell for a seventh straight week, dropping to $545.652 bn in the week to Sept 16, its lowest level since Oct. 2, 2020

Foreign exchange reserves declining to government making first disbursement under PLI scheme, here are the top headlines of the day

The central bank has been selling dollars in the foreign exchange market aggressively to curb any sharp fall in the rupee, which is one of the main reasons for the reserves to fall