After two consecutive weeks of additions, the foreign exchange reserves dipped sharply by USD 2.82 billion to USD 287.85 billion due to a fall in currency assets, the Reserve Bank said today.
     The total reserves had gone up by USD 982 million in the previous reporting week.
	Foreign currency assets, a major component of forex reserves, were down by USD 2.66 billion to USD 258.43 billion for the week ended June 21, the Reserve Bank data showed.
	Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.
     The gold reserves were unchanged at USD 22.836 billion, the apex bank said.
     For the week under review, the special drawing rights (SDRs) were down by USD 28.3 million to USD 4.372 billion, while the country's reserve position with the IMF declined by a whopping USD 128.4 million to USD 2.204 billion, the apex bank data showed.

Forex reserves down $2.82 b to $287.85 b

Press Trust of India

The rupee commenced at 59.95 a dollar as against previous close of 60.19 at the Interbank Foreign Exchange

Re rebounds to 59 level; up 80 paise Vs dollar

On the back lower current account deficit (CAD) rupee appreciated today against the dollar and came below the Rs 60 level and was trading at Rs 59.56 against the dollar at 1.15 PM.

Rupee strengthens; goes below 60

Business Standard

In line with equity market, the rupee advanced further by 36 paise to 59.83 per dollar in late morning trade today on persistent selling of the US currency by banks and exporters.

Rupee firms up 36 points vs dollar in late morning deals

Foreign investors remain net sellers, bringing total sales in the previous 25 sessions to $6.5 bn

Bonds rise on fresh buying

Agencies

The domestic unit resumed higher at 60.45 a dollar from previous all-time closing low of 60.72

Re rebounds by 53 p to 60.19 on lower current account gap

Old private banks led by Bharat Overseas Bank, Catholic Syrian Bank, City Union Bank Dhanalakshmi Bank Ltd, Sangli Bank Ltd, Development Credit Bank and Lord Krishna Bank will be forced to raise

Old pvt bank M&As ahead

Buying a sick bank is not on our radar. Wed rather go for healthy banks, said Romesh Sobti, executive vice president and country representative, ABN Amro Bank NV (India).


Foreign banks not keen on buying ailing entities

What do Citibank India head Sanjay Nayar, ABN Amro CEO Romesh Sobti, HSBC India head Niall S Booker, United Western Bank CEO Satish Marathe, Lord Krishna Bank managing director R M Nayak and Laxmi

Tamal Bandyopadhyay: Four years to manhood

<STRONG>SBI rolls out a blueprint to become a world-class bank by 2008.</STRONG> 


SBI: Operation Vijay

In a few years she has become, with four or five cows, the rural equivalent of the urban middle class  and ready to buy a retirement plan.


Five women and a cow enchant finance folk

What do the pre-Budget, Budget and post-Budget announcements for the banking sector really mean?


A V Rajwade: Banks in India

Liquidity in the banking system would continue to be surplus this week on strong foreign capital inflows, increased government spending and lack of major outflows.


Liquidity glut to continue

<B>Yes Bank's CEO Rana Kapoor discusses the various deals that defined his career.</B>


LUNCH WITH BS: Rana Kapoor

Increasing number of foreign banks are now keen on opening shop in India to be able gain a critical mass by April 2009, when private banking space is expected to open up for the foreign players.


Clutch of foreign banks plan to open domestic account

Lack of geographical penetration, no proof of residence are just a few reasons


Devangshu Datta: Why India is a cash-economy

Compliance with the letter of the rule is overtaking common sense and principle.


A V Rajwade: Costs of regulation

The US trade deficit has widened to $58.3 billion as against a market expectation of around $56 billion. 


Rising time for the rupee

To compete with foreign banks after 2009 Indian banks must focus on niche areas.


Subir Gokarn: A four-year window

With the year end approaching commercial banks are scurrying to present squeaky clean balance sheets.


Banks brace to offload bad loans, clean up books

Canara Bank, which is in an advanced stage of deciding on a vendor consortium to implement its core banking software, could see over 10,000 staff freed up for marketing its products as a result of

Core banking could free up over 10,000 CanBank staff

Financial Analysis: Find the Latest Financial News Analysis & Research Updates from all top sources for the Indian Finance industry on Business Standard.

Finance News Analysis, Financial Analysis and Research | Business Standard

Find the Latest Financial News Analysis & Research Updates from all top sources for the Indian Finance industry on Business Standard.

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