Page 3 - Forex Market
Rupee falls to fresh low on relentless strength in dollar after Fed hike
Forex traders await cues on RBI's intervention strategy post the recent slump in rupee
 "Rupee falls to fresh low on relentless strength in dollar after Fed hike")
Yen soars after Japan intervenes in forex market for first time since 1998
The Japanese yen soared across the board on Thursday after monetary authorities intervened in the foreign exchange market to boost the battered currency
Rupee hits new low vs USD on hawkish Fed; poll shows currency at 81 by Dec
Suffers steepest one-day fall since Ukraine war; poll shows rupee at 81 by Dec
 "Rupee hits new low vs USD on hawkish Fed; poll shows currency at 81 by Dec")
Rupee sheds 0.3% as US dollar soars ahead of Fed's policy statement
Putin's call for partial mobilisation hits risk appetite in currency market
 "Rupee sheds 0.3% as US dollar soars ahead of Fed's policy statement")
Rupee climbs to 5-week high on dollar inflows, breaches key level
The rupee closed at 79.1475 per US dollar, compared with the previous close of 79.5225, notching up its best session this month
 "Rupee climbs to 5-week high on dollar inflows, breaches key level")
Dwindling foreign exchange reserves spells risk for EM currencies
Thailand saw the biggest drop in reserves as a percentage of the gross domestic product, followed by Malaysia and India, according to data compiled by Bloomberg
 "Dwindling foreign exchange reserves spells risk for EM currencies")
India's foreign exchange reserves fall to lowest in 23 months
RBI's defence of the rupee cited as reason
 "India's foreign exchange reserves fall to lowest in 23 months")
RBI issues 'Alert List' on entities not authorised to deal in forex trading
The Reserve Bank on Wednesday came out with an 'Alert List' containing the names of 34 entities, including OctaFX, Alpari, HotForex, and Olymp Trade, that are not authorised to deal in forex and operate electronic trading platforms in the country. In a statement, the Reserve Bank of India (RBI) said that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on electronic trading platforms (ETPs) not authorised by the RBI shall render themselves liable for legal action under the FEMA The central bank said it has been receiving references seeking clarification on the authorisation status of some ETPs. "It has, therefore, been decided to place on the RBI website an 'Alert List' of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to
 "RBI issues 'Alert List' on entities not authorised to deal in forex trading")
Rupee held its own despite sharp depreciation in other currencies: RBI Guv
Das said that the Indian rupee has "held its own" and moved in an "orderly manner at a time of sharp depreciation in other currencies"
 "Rupee held its own despite sharp depreciation in other currencies: RBI Guv")
RBI is anchoring expectations on rupee weakness, says Shaktikanta Das
He expects inflation to fall within tolerance band by January-March
 "RBI is anchoring expectations on rupee weakness, says Shaktikanta Das")
Forex reserves fall $6.7 bn to $564 bn in 7 days, at 2-yr low: RBI
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
Surplus parked with RBI falls below Rs 1 trillion as liquidity shrinks
RBI's forex moves, strong credit off-take lead to faster liquidity decline
 "Surplus parked with RBI falls below Rs 1 trillion as liquidity shrinks")
Forex market intervention aims met with lower fall in reserves: RBI article
The RBI intervenes in the foreign exchange market through sales or purchases of dollars to curb excessive volatility in rupee
 "Forex market intervention aims met with lower fall in reserves: RBI article")
Govt bonds, rupee strengthen as crude prices plunge on growth concerns
A decline in domestic headline retail inflation to a five-month low in July also bolstered the appetite for bonds
 "Govt bonds, rupee strengthen as crude prices plunge on growth concerns")
Rupee falls as strong US jobs data rekindles fear of aggressive Fed hikes
The Federal Reserve has already raised interest rates by 225 basis points since March 2020
 "Rupee falls as strong US jobs data rekindles fear of aggressive Fed hikes")
Rupee gains vs dollar as weak US GDP data softens Fed rate hike view
Dollar index falls as a contraction in US GDP eases Fed hike fears
 "Rupee gains vs dollar as weak US GDP data softens Fed rate hike view")
New SEZ law to focus on job creation and research, not foreign exchange
The Bill shall propose the re-introduction of certain direct tax benefits, under which units set up in these development hubs shall attract a 15 per cent corporate tax until 2032
 "New SEZ law to focus on job creation and research, not foreign exchange")
Rupee at 80: What can be done?
We need to maintain the gap of interest rate differential with the US by raising rates in a measured way and allow the rupee to find its own level
 "Rupee at 80: What can be done?")
Rupee at 80: Neutral impact for India's pharma industry, say experts
India's pharma sector exported drugs worth Rs 1.8 trillion in 2021-22, while APIs worth Rs 30,000 crore were imported
 "Rupee at 80: Neutral impact for India's pharma industry, say experts")
Rupee at 80: Textiles, gems & jewellery upbeat, but gains may not sustain
Textile industry players indicate that the weak rupee will help the industry, which is a net exporter, to the extent of 5-10 per cent rise in profit margins
 "Rupee at 80: Textiles, gems & jewellery upbeat, but gains may not sustain")
