Page 5 - Foreign Exchange
RBI likely to adopt hands-off approach in foreign exchange market
The RBI continued to be a net buyer of $36.6 billion in this fiscal year - between April and January. In 2020-21, it purchased $68 billion on a net basis.
 "RBI likely to adopt hands-off approach in foreign exchange market")
Central Bank of Russia limits foreign cash withdrawals until Sept 9
The Central Bank of Russia (CBR) on Wednesday said it is imposing a USD 10,000 limit on foreign cash withdrawals from foreign currency accounts by clients until September 9
 "Central Bank of Russia limits foreign cash withdrawals until Sept 9")
European currencies hammered, dollar rallies as Russia invades Ukraine
The euro fell as much as 1.2% to $1.1164, the lowest level since Jan. 31
 "European currencies hammered, dollar rallies as Russia invades Ukraine")
Foreign exchange hedging cost rises after RBI dollar-rupee swap plan
One-year dollar-rupee forward premia closes at 4.19%
 "Foreign exchange hedging cost rises after RBI dollar-rupee swap plan")
RBI to suck out $5 billion liquidity from the system ahead of LIC IPO
Foreign exchange players said the move is positive for rupee and will push up dollar/rupee forward premium
Revolut buys money transfer company Arvog Forex for undisclosed sum
The acquisition will strengthen Revolut's foundation in India and accelerate its plans to offer its remittance service and forex services to Indian customers
 "Revolut buys money transfer company Arvog Forex for undisclosed sum")
Banks in India can offer foreign currency-settled rupee derivatives
Move is expected to remove segmentation between onshore and offshore markets
 "Banks in India can offer foreign currency-settled rupee derivatives")
RBI likely to move Trai, MeitY against unauthorised forex platforms
May seek invocation of clauses in major social media and search engines like FB, Google, etc to disallow adv content that is not compliant with local laws of their target audience
 "RBI likely to move Trai, MeitY against unauthorised forex platforms")
India's forex reserves up by $2.229 billion to $634.965 billion
Gold reserves rose by USD 726 million to USD 39.77 billion in the reporting week
 "India's forex reserves up by $2.229 billion to $634.965 billion")
Exotic forex derivatives set for India in RBI push to deepen markets
The return of exotic forex derivatives as well as the introduction of swaptions are part of efforts to give corporates more risk-management options as India's global trade integration expands
 "Exotic forex derivatives set for India in RBI push to deepen markets")
Digital cash can prevent accidents on the $19 trillion FX highway
CLS is good at preventing mishaps in the foreign-exchange market. The trouble is, it handles only 18 major currencies
 "Digital cash can prevent accidents on the $19 trillion FX highway")
Forex reserves decline by $160 million to $635.67 billion
Gold reserves rose by $475 million to $39.183 billion in the reporting week
 "Forex reserves decline by $160 million to $635.67 billion")
Former FX official says China should avoid excess yuan appreciation
The Chinese yuan has been one of the best-performing Asian currencies this year, rising about 3% against a strengthening dollar
 "Former FX official says China should avoid excess yuan appreciation")
India's forex reserves decline $1.783 billion to $635.905 billion
India's foreign exchange reserves declined for the second consecutive week, ending USD 1.783 billion down at USD 635.905 billion for the week ended December 3, RBI data showed on Friday.
Rupee tanks to 16-month low of 75.60 against dollar on forex outflows
Meanwhile, oil prices were lifted by optimism that the Omicron mutation might not have a significant impact on oil demand
India exemplary in publishing its forex market intervention: US Treasury
India has been exemplary in publishing its foreign exchange market intervention, the US Treasury Department said on Friday.
 "India exemplary in publishing its forex market intervention: US Treasury")
Forex reserves down by $2.713 million to $637.687 billion
The country's foreign exchange reserves declined by USD 2.713 billion to USD 637.687 billion in the week to November 26, RBI data showed. In the previous week ended November 19, the reserves had increased by USD 289 million to USD 640.401 billion. It touched a lifetime high of USD 642.453 billion in the week ended September 3, 2021. In the reporting week ended November 26, the dip in the foreign exchange reserves was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves and gold reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed. FCA dropped by USD 1.048 billion to USD 574.664 billion in the reporting week, the data showed. 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 foreign exchange reserves. Gold reserves were down by USD 1.566 billion to USD 38.825 billion in the reporting week, the data .
 "Forex reserves down by $2.713 million to $637.687 billion")
European Union fines 4 banks $390 mn in foreign exchange trading cartel
HSBC received the biggest fine of almost $200 million
 "European Union fines 4 banks $390 mn in foreign exchange trading cartel")
Volatility rules currencies as traders fret over Omicron, Fed tightening
Foreign-exchange market volatility hovered near a nine-month peak as traders weighed the risks posed by a more hawkish Federal Reserve
 "Volatility rules currencies as traders fret over Omicron, Fed tightening")
India's foreign exchange reserves increase $1.9 bn to $642 bn: RBI
The forex reserves increased on a healthy increase in the currency assets and value of gold
