Page 2 - Foreign Exchange

Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens

Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore

Rupee marks biggest monthly losing streak since 1985, braces for Fed move

Oil importers' dollar purchases, breach of technical levels drag rupee lower

Foreign exchange reserves fall to $525 billion, lowest since July 2020

So far in 2022, the Indian currency has weakened 9.9 per cent against the US dollar

Rupee, bonds gain on hopes of Federal Reserve slowing rate hikes

At 3:30 pm IST on Thursday, the US dollar index was at 110.09 as against 112.02 at the same time on Tuesday

India's foreign exchange reserves at lowest level since July 2020

The fall in foreign exchange reserves was primarily on account of a decline in the RBI's foreign currency assets that fell $2.8 billion on-week to $468.87 billion

Bangladesh disallows Bollywood actor's dance in bid to save dollars

Nora Fatehi, known for her work in the Indian film industry, wasn't granted permission "in view of the global situation and with the aim of maintaining the foreign exchange reserves

Flows into NRIs deposits moderate to $1.43 billion in Apr-Aug period

Outstanding NRI deposits declined to $134.68 billion at the end of August 2022 from $141.52 billion a year ago

Rupee tumbles 5 paise to 82.29 against US dollar in opening trade

The rupee after opening on a positive note, pared the gains and slipped 5 paise to 82.29 against the US dollar amid high volatility in early trade on Friday. At the interbank foreign exchange, the domestic unit opened at 82.26 against the dollar, then touched 82.12, registering a gain of 12 paise over its previous close. In initial trade, the rupee also touched 82.29 against the American currency. On Thursday, the rupee had settled at 82.24 against the greenback. "Dollar strengthened immediately post the CPI print but saw a massive reversal on short covering in majors," IFA Global Research Academy said in a research note, adding the US headline September CPI came in higher than expected at 8.2 per cent year-on-year (0.4 per cent MoM) against 8.1 per cent yoy (0.2 per cent month-on-month). Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 112.27. Brent crude futures, the global oil benchmark, fell 0.13 per c

Asian govts spent $50 bn in Sept to defend currencies from strong US dollar

Dollar sales in the region over the first nine months of the year have reached approximately $89 billion including Japan, marking the most active period for foreign-exchange expenditures

RBI asks banks to set aside capital, provisions for unhedged FX exposure

Move comes amid sharp depreciation in rupee; says losses incurred by entities with such exposure could affect health of banking system

RBI allows SPDs to undertake all foreign exchange-related activities

The Reserve Bank of India (RBI) on Tuesday allowed standalone primary dealers to offer all foreign exchange market-making facilities to users, a move aimed at providing broader facilities to customers for currency risk management. At present, Standalone Primary Dealers (SPDs) are permitted to undertake foreign currency business for limited purposes. Currently, there are seven SPDs and 14 bank primary dealers in the country. SPDs will also be permitted to take up trading and self-clearing membership with Sebi-approved stock exchanges and clearing corporations for undertaking proprietary transactions in equity and equity derivatives market. "...it has been decided to allow SPDs to offer all foreign exchange market-making facilities to users, as currently permitted to Category-I Authorised Dealers, subject to adherence to the prudential regulations and other guidelines...," the RBI said in a circular. In August, the RBI said the measure would give forex customers a broader spectrum of

Rupee depreciates 1 paisa to 82.41 against US dollar in early trade

The rupee slipped 1 paisa to 82.41 against the US dollar in the morning trade on Tuesday amid the strengthening of the American currency and sustained foreign fund outflows. Moreover, a weak trend in domestic equities and risk aversion sentiment among investors weighed on the local unit. At the interbank foreign exchange, the domestic unit opened at 82.35 against the dollar, then pared the gains to 82.41, registering a loss of just 1 paisa over its previous close. In a highly volatile session, the local unit also touched 82.33 against the American currency in initial deals. On Monday, the rupee slipped 10 paise to finish at a fresh lifetime low of 82.40 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 113.27. Brent crude futures, the global oil benchmark, fell 0.28 per cent to USD 95.92 per barrel. "RBI sold more than a billion dollars yesterday to protect against a fast depreciati

Dollar gains on rate-hike fears, yen flirts with intervention levels

The dollar loomed large over fragile financial markets, with worries about rising interest rates and geopolitical tensions, while the yen was testing levels that have prompted official intervention

Rupee appreciates 31 paise to 81.51 against US dollar in early trade

The rupee strengthened by 31 paise to 81.51 against the US dollar in early trade on Tuesday, tracking weakness in the greenback in overseas markets and a rally in domestic equities. However, rising crude price in the international market restricted the rupee, forex traders said. At the interbank foreign exchange, the local currency opened sharply up at 81.66 against the dollar, then gained further ground to 81.51, showing a gain of 31 paise over its previous close. The rupee settled 42 paise lower at 81.82 against the dollar on Monday. In the domestic equity market, the 30-share BSE Sensex was trading 1,006.59 points or 1.77 per cent higher at 57,795.40, and the broader NSE Nifty climbed 306.40 points or 1.81 per cent to 17,193.75. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.14 per cent to 111.58. Brent crude futures, the global oil benchmark, rose 0.46 per cent to USD 89.27 per barrel. Foreign institutional ..

Depleting forex reserves making India vulnerable? Not really, say experts

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

RBI, bond market players discuss liquidity strategy as surplus dwindles

RBI asked for mkt views on BoP, impact of 75-bps rate hike by US Fed

SBI asks exporters to trade with Bangladesh in rupee, taka: Report

"The country is facing a shortage of foreign currency due to higher import bills and weaknesses of Bangladeshi taka against dollar in recent times," the SBI said

RBI net-sold $19.05 billion in forex market in July to protect rupee

RBI's forward purchases fell $9 bln in July as interventions spread across spot, forwards

RBI releases 'alert list' of 34 entities barred from forex trades

List not exhaustive, must not assume those not on it are authorised for such trades

RBI is anchoring expectations on rupee weakness, says Shaktikanta Das

He expects inflation to fall within tolerance band by January-March