Page 3 - Foreign Exchange Reserves

Amid muted equities trend, Rupee opens flat against dollar in early trade

The rupee opened on a flat note against the US dollar in the morning session on Thursday, amid a muted trend in domestic equities. Forex traders said the rupee is trading in a narrow range as rising crude oil prices, strong American currency, and sustained foreign fund outflows dented sentiments. At the interbank foreign exchange, the rupee opened at 83.13 against the dollar and touched an initial high of 83.11 and an early low of 83.14 against the greenback. On Wednesday, the rupee had settled at 83.12 against the US dollar. "Against the given odds favouring the rupee, challenges persist primarily due to the strengthening US Dollar, geopolitical tensions, and the ongoing Red Sea issue," CR Forex Advisors MD Amit Pabari said. Additionally, India's liquidity deficit has widened to Rs 3.34 trillion (USD 40.18 billion) as of January, limiting the Reserve Bank of India from allowing the rupee to appreciate towards its fair value. Despite these obstacles, the overall outlook suggests

Rupee depreciates 1 paisa to 83.14 against US dollar in early trade

The rupee fell 1 paisa to 83.14 against the US dollar in early trade on Friday amid heavy selling of equities by Foreign Institutional Investors (FIIs). Forex traders said positive cues from domestic equity markets and lower level of dollar provided support to the Indian currency. At the interbank foreign exchange, the domestic currency opened at 83.15, then slipped to 83.16 before trading at 83.14 against the greenback in morning deals, down 1 paisa from its previous close. On Thursday, the rupee settled 1 paisa higher at 83.13 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.19 per cent lower at 103.12 on Friday. Analysts said the dollar index retreated after the US macroeconomic data reflected steady growth in the country, trimming financial markets' expectations of reducing interest rate by the Federal Reserve. Brent crude futures, the global oil benchmark, declined 0.27 per cent to USD

Rupee ends flat, wedged between Asia FX bump, foreign banks' dollar buys

The rupee closed at 83.1225 against the U.S. dollar, barely changed from its close at 83.1375 in the previous session

Driven by market rally, Rupee rises 6 paise to reach 82.89 against dollar

The rupee strengthened for the ninth consecutive session to settle with a gain of 6 paise to 82.89 (provisional) against the US dollar on Monday, driven by a rally in the domestic equity markets. At the interbank foreign exchange, the local currency opened at 82.82 and traded between 82.77 and 82.91 against the greenback during intra-day deals. The unit finally settled at 82.89 (provisional) against the dollar, registering a gain of 6 paise over its previous close amid a bullish trend in domestic equities, wherein benchmark indices climbed to lifetime highs. On Friday, the rupee settled with a gain of 6 paise to 82.95 against the US dollar. In the last nine trading sessions, the local unit added 48 paise since the level of 83.32 against the dollar recorded on January 2. Meanwhile, WPI rose 0.73 per cent year-on-year in December 2023 against 0.26 per cent in the previous month, but lower than the forecast of 0.9 per cent. According to official data, the wholesale price index ...

Forex reserves recover after a year of decline, RBI adds $58 bn this fiscal

The total reserves in the recent week increased due to the $4.6 billion rise in foreign currency assets

India's foreign reserves jump to a five-month high of $607 billion

The total reserves rose due to the increase in foreign currency assets, which rose by $3 billion in the week

MPC review: RBI's foreign exchange risk move may not hit rupee for now

Rupee may not see any immediate impact: Market players

RBI deploys 81.43% of foreign currency assets in overseas securities

The share of money kept in deposits with other central banks and the Bank for International Settlement (BIS) declined to 13.49 per cent at the end of September from 14.82 per cent at the end of March

Large banks preparing for maturity of RBI's $5 billion forex swap

The $5 billion dollar/rupee swap that the Reserve Bank of India undertook in April 2022 will mature on Monday, meaning $5 billion can potentially be taken out of the banking system

RBI's $5 billion USD/INR swap expiry fuels dollar shortage concern

The Reserve Bank of India (RBI) had conducted a $5 billion sell/buy dollar/rupee swap last year. Under this swap, the RBI sold $5 billion to banks on April 28, 2022

Reserve Bank of India net-purchased $3.5 bn foreign currency in July

The rupee depreciated by 0.3 per cent in July. In June, the RBI had recorded a net purchase of $4.5 billion in the spot market

India's foreign exchange reserves fall to near 2-month low of $595 billion

The local currency depreciated by 0.31 per cent in the last week, hitting an all-time low closing level of 83.15 against the dollar on August 17

India's forex kitty swells to $609 billion, rises to nearly 16-month high

The total reserves rose by $36 billion on a year-on-year (YOY) basis. In the first six months of 2023, foreign exchange reserves have increased by around $33 billion

Won't implement Glyphosate curb till further order: Govt to Delhi HC

Glyphosate usage saw a manifold rise, once Ht BT cotton started getting illegally cultivated in India

RBI buys $7.37 billion in spot foreign exchange market in May: Bulletin

The Indian rupee depreciated by over 1% against the dollar in May

Foreign exchange reserves rise $1.2 billion to $596 billion: RBI data

The overall reserve had increased by $1.8 billion to $595 billion in the previous reporting week

India's forex reserves rise by $1.85 billion to $595.05 billion: RBI

India's foreign exchange reserves rose by USD 1.853 billion to USD 595.051 billion in the week ended on June 30, the Reserve Bank of India said on Friday. The overall reserve had dropped by USD 2.901 billion to USD 593.198 billion in the previous reporting week. In October 2021, the country's forex reserve had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. For the week ended on June 30, the foreign currency assets, a major component of the reserves, increased by USD 2.539 billion to USD 527.979 billion, according to the Weekly Statistical Supplement released by the RBI on Friday. 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 dropped by USD 472 million to USD 43.832 billion, the RBI ...

India's forex reserves edge towards $600 billion, hit near 1-year high

That is an increase of $3.55 billion from the previous week

India's foreign exchange reserves decline by $2.1 billion to $584.2 billion

Gold reserves dropped by Rs 24 million to Rs 46.151 billion, the RBI said

At $584.25 billion, forex reserves ease from over nine-month highs

Reserves had gone up by a total of nearly $8 billion in the prior two weeks