Page 6 - Forex

Rupee settles 8 paise lower at 72.99 against US dollar amid RBI policy move

The rupee fell 8 paise to close at 72.99 (provisional) against the US dollar on Friday, with forex market participants weighing RBI policy measures aimed at mitigating the COVID-19 impact on the economy. Reserve Bank of India (RBI) on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance amid the second COVID wave. At the interbank forex market, the local unit opened on a weak note at 73.00 against the greenback and witnessed an intra-day high of 72.95 and a low of 73.13. It finally ended at 72.99, registering a fall of 8 paise over its previous closing. On Thursday, the rupee had settled at 72.91 against the US dollar. RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) voted unanimously for keeping interest rate unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target. Meanwhile, the dollar index, which gauges the greenback

India's forex reserves may have exceeded $600 billion: RBI governor

This comes on the back of robust capital flows

China moves to cool Yuan rally by raising FX reserve requirement

The nation's financial institutions will need to hold 7 per cent of their foreign exchange in reserve from June 15

Foreign currency deposits lose sheen due to stable rupee

The flow of total NRI deposits during FY21 was $7.3 bn as compared to $8.6 bn in FY20. This was the lowest flow of NRI deposits since FY17

Forex reserves rise by $1.444 billion to $589.465 billion: RBI data

The country's foreign exchange reserves increased by $1.444 billion to $589.465 billion in the week ended May 7, 2021, shows RBI data

Rupee falls 18 paise to 73.53 against US dollar in early trade

The Indian rupee slumped 18 paise to 73.53 against the US dollar in opening trade on Tuesday tracking weak domestic equities and strong American currency.

Unfair charge

India is not using currency to gain unfair advantage

India has been exemplary in publishing forex intervention: US report

It said that like most emerging market currencies, the rupee was buffeted in 2020 by substantial swings in global risk appetite and associated shifts in capital flows

FY21: Momentous year for bonds, rupee and forex reserves amid the pandemic

Supply outpaced demand for fixed-income paper with Centre's Rs 12 trn borrowing plan and Rs 10 trn by states. But RBI support ensured it didn't pinch hard till the end of the year

Rupee logs best single-day gain in 6 months on forex inflows, stocks rally

The rupee on Wednesday surged by 65 paise -- its biggest single day spike since September 2020 -- to end at 72.72 against the US dollar on the back of weakness in the American dollar and rise in risk appetite in the global markets. A rally in domestic equities, foreign fund inflows and positive macro data also boosted the rupee sentiment. The US dollar weakened in the global markets as as investors took heart from an easing in bond yields that has alleviated worries over possible interest rate hikes. At the interbank forex market, the local unit opened at 73.26 against the greenback and witnessed an intra-day high of 72.71 and a low of 73.26. It finally settled at 72.72 against the American currency, registering a rise of 65 paise over its previous closing. The single-day rise is the highest since September 1, 2020, when the rupee had shot up 73 paise. "Market sentiments improved on hopes that massive stimulus packages from governments, easy monetary policies from central banks a

Forex crisis to Kargil War: Yashwant Sinha's Budget events and revisions

Sinha's Budget 2002 also saw the maximum rollbacks; he went back on some five Budget proposals

Forex reserves surge $7.78 bn to lifetime high of $568.494 bn: RBI data

The country's reserve position with the IMF also increased by $40 million to $4.676 billion

Forex reserves increase by $3.6 billion to record $545.63 billion

Gold reserves were up by USD 486 million in the reporting week to $36.486 billion, the RBI data showed.

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Toyota looks at localisation to de-risk business from supply chain crisis

The auto major also plans to locally manufacture hybrid systems in the country

RBI buttresses earlier position forcefully; economic forecasts conservative

The central bank cut the repo rate by 40 bps to 4% and the reverse repo rate was brought down to 3.35%

RBI says India GDP will contract in FY21, cuts repo rate by 40 bps to 4%

RBI extends the moratorium on loan repayments by three more months

Export contraction in April could surpass March's steep 25-year decline

Major forex earning sectors cite lack of labour, funds and key supplies

Foreign exchange reserves fall $5.35 billion; first drop in six months

The last time forex reserves declined was in the week to September 20, 2019, when it had fallen by USD 388 million to USD 428.58 billion

Rupee dives below 73 mark, hits 16-month low on forex outflows, crude surge

Forex traders said the rupee which started the day on a positive note witnessed heavy volatility during the session as uncertainty over the economic impact of coronavirus spooked investors.