Page 10 - Foreign Exchange
India's foreign exchange reserves down $311 million to $603.7 billion
In the previous week ended April 8, the reserves had declined by USD 2.471 billion to stand at USD 604.004 billion.
 "India's foreign exchange reserves down $311 million to $603.7 billion")
Rupee declines 24 paise to 76.43 against US dollar in early trade
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.18 per cent to 100.67
 "Rupee declines 24 paise to 76.43 against US dollar in early trade")
Afghanistan receives $32million in humanitarian cash assistance
The DAB also announced the auctioning of $13 million on Monday to inject foreign currency into the local market and stabilise afghani, the country's national currency, Xinhua news agency reported
 "Afghanistan receives $32million in humanitarian cash assistance")
MakeMyTrip's fintech arm TripMoney buys majority stake in BookMyForex
MakeMyTrip's fintech arm TripMoney on Tuesday said it has acquired a majority stake in online foreign currency exchange services provider BookMyForex to become a one-stop solution for all forex need
 "MakeMyTrip's fintech arm TripMoney buys majority stake in BookMyForex")
US Dollar reaches over 300 against Sri Lankan rupee for first time
Sri Lankan banks on Tuesday said US dollar reached over 300 against the country's rupee, LKR, for the first time, as the nation is facing a severe economic crisis with the shortage of foreign exchange
 "US Dollar reaches over 300 against Sri Lankan rupee for first time")
Centre asked to see PIL seeking uniform banking code for forex transactions
The Delhi High Court on Tuesday asked the Centre to seriously look into the issue raised in a PIL seeking implementation of a Uniform Banking Code for foreign exchange transactions
 "Centre asked to see PIL seeking uniform banking code for forex transactions")
40,000 MT diesel from India reaches crisis-hit Sri Lanka amid power crisis
Sri Lanka is facing an unprecedented economic and energy crisis caused due to shortage of foreign exchange
 "40,000 MT diesel from India reaches crisis-hit Sri Lanka amid power crisis")
Japan to revise forex law to end crypto loophole for sanctions on Russia
Japan will revise its foreign exchange law to prevent Russia from evading Western financial sanctions following Moscow's invasion of Ukraine through cryptocurrency assets, government officials said
 "Japan to revise forex law to end crypto loophole for sanctions on Russia")
Lankan papers run out of newsprint due to forex crisis; suspend publication
Sri Lanka is facing its all-time worst foreign exchange crisis after the pandemic hit the nation's earnings from tourism and remittances
 "Lankan papers run out of newsprint due to forex crisis; suspend publication")
RBI likely to adopt hands-off approach in foreign exchange market
The RBI continued to be a net buyer of $36.6 billion in this fiscal year - between April and January. In 2020-21, it purchased $68 billion on a net basis.
 "RBI likely to adopt hands-off approach in foreign exchange market")
Central Bank of Russia limits foreign cash withdrawals until Sept 9
The Central Bank of Russia (CBR) on Wednesday said it is imposing a USD 10,000 limit on foreign cash withdrawals from foreign currency accounts by clients until September 9
 "Central Bank of Russia limits foreign cash withdrawals until Sept 9")
European currencies hammered, dollar rallies as Russia invades Ukraine
The euro fell as much as 1.2% to $1.1164, the lowest level since Jan. 31
 "European currencies hammered, dollar rallies as Russia invades Ukraine")
Foreign exchange hedging cost rises after RBI dollar-rupee swap plan
One-year dollar-rupee forward premia closes at 4.19%
 "Foreign exchange hedging cost rises after RBI dollar-rupee swap plan")
RBI to suck out $5 billion liquidity from the system ahead of LIC IPO
Foreign exchange players said the move is positive for rupee and will push up dollar/rupee forward premium
Revolut buys money transfer company Arvog Forex for undisclosed sum
The acquisition will strengthen Revolut's foundation in India and accelerate its plans to offer its remittance service and forex services to Indian customers
 "Revolut buys money transfer company Arvog Forex for undisclosed sum")
Banks in India can offer foreign currency-settled rupee derivatives
Move is expected to remove segmentation between onshore and offshore markets
 "Banks in India can offer foreign currency-settled rupee derivatives")
RBI likely to move Trai, MeitY against unauthorised forex platforms
May seek invocation of clauses in major social media and search engines like FB, Google, etc to disallow adv content that is not compliant with local laws of their target audience
India's forex reserves up by $2.229 billion to $634.965 billion
Gold reserves rose by USD 726 million to USD 39.77 billion in the reporting week
 "India's forex reserves up by $2.229 billion to $634.965 billion")
Exotic forex derivatives set for India in RBI push to deepen markets
The return of exotic forex derivatives as well as the introduction of swaptions are part of efforts to give corporates more risk-management options as India's global trade integration expands
 "Exotic forex derivatives set for India in RBI push to deepen markets")
Digital cash can prevent accidents on the $19 trillion FX highway
CLS is good at preventing mishaps in the foreign-exchange market. The trouble is, it handles only 18 major currencies
 "Digital cash can prevent accidents on the $19 trillion FX highway")
