Page 3 - Forex

Rupee depreciates 40 paise to all-time low of 81.93 against US dollar

The rupee depreciated 40 paise to an all-time low of 81.93 against the US dollar in early trade on Wednesday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and significant foreign fund outflows sapped investor appetite, forex traders said. At the interbank foreign exchange, the rupee opened at 81.90 against the greenback, then fell to 81.93, registering a fall of 40 paise over its previous closing. On Tuesday, the rupee consolidated in a narrow range and settled 14 paise higher at 81.53 against the dollar. The rupee opened weaker on Wednesday as the dollar resumed its upward momentum supported by hawkish Fed talk, said Sriram Iyer, Senior Research Analyst at Reliance Securities. The local unit could track the weakness of the Asian and emerging market peers, Iyer said, adding that a delay in local bonds' inclusion for listing on a major global index this year could al

Forex reserves shrink faster than under 2008 global crisis, taper tantrum

BoP deficit, longer US tightening cycle may lead to slower pace of RBI intervention

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

UP drafts 'services export' policy to attract investors, earn forex

UP is targetting to increase merchandise exports to almost Rs 3 trillion in the next three years

Rupee falls 40 paise to close at 79.6 against USD as risk appetite declines

Lower global crude prices and a rally in domestic equities restricted the losses to some extent, forex dealers said.

Monetary policy: SPDs can offer all foreign exchange trade facilities

Decision comes after requests from foreign players; scope of existing licence was restrictive, say primary dealers

Bangladesh's forex reserves enough to cover up to 9 months of imports: PM

Bangladesh Prime Minister Sheikh Hasina said her country would be able to meet 6-9 months of import expenditures with the existing foreign currency reserves

Bangladesh seeks $4.5-billion IMF loan amid forex worries: Report

Known for its big garment-exporting industry, Bangladesh has sought the funds for its balance of payment and budgetary needs, as well as for efforts to deal with climate change

India's foreign exchange reserves drop $7.5 billion to $572.7 billion

Foreign exchange reserves depleted around $70 billion from its peak in September 2021

43% of India Inc's foreign exchange revenue comes to IT companies

The companies that have published their forex transaction for FY22 account for nearly 65 per cent of such earnings in the sample

Amid hiked dollar demand from oil importers, rupee falls 4 paise to 79.96

The rupee depreciated 4 paise to 79.96 against the US dollar in opening trade on Wednesday amid demand for dollar from oil importers and firm crude oil prices

Explained: What happens if the rupee hits 80 against the US dollar

When the value of a currency falls, imports become dearer and prices of raw materials rise

Banks revise foreign currency deposit rates in response to RBI's move

SBI, ICICI Bank and IDFC First Bank have raised interest rates on foreign currency non-resident deposits in response to the Reserve Bank's relaxation last week to shore up forex inflows.

Rupee hits record low for a third straight session; touches 79.66 vs dollar

The Indian rupee hit a record low for a third straight session on Wednesday as foreign investors continued to dump riskier assets ahead of US inflation data

RBI measures a step in right direction but forex inflows still seen limited

RBI announced five measures pertaining to the liberalisation of foreign exchange flows into India

Top headlines: RBI tries to shore up rupee; DGCA notice to SpiceJet

Union ministers Mukhtar Abbas Naqvi and R C P Singh submitted their resignations to Prime Minister Narendra Modi on Wednesday, a day before the completion of their Rajya Sabha term, sources said.

RBI liberalises norms to boost forex inflows to shore up rupee

The measures include easing norms for FPI investment in debt market, and increasing the ECB limit under the automatic route from $750 mn or its equivalent per financial year to $1.5 bn

RBI may need to tweak forex strategy, let rupee weaken, say analysts

To control the tumble, the Reserve Bank of India (RBI) has sold dollars in the spot market and simultaneously bought and sold in the forwards market.

India's foreign exchange reserves decline $4.6 billion to $596 billion

RBI has been selling dollars to curb any rapid depreciation of the rupee