Page 3 - Foreign Exchange

Rupee nears 84 per US dollar tracking Asian peers, foreign outflows

RBI intervenes in off-shore, spot markets to curb volatility

Rupee up 5 paise from all-time low to 83.65 against dollar in early trade

The rupee recovered from its all-time low level and appreciated by 5 paise to 83.65 against the US dollar in early trade on Monday, as the American currency retreated from its elevated level. Forex traders said foreign fund inflows and possible intervention by the Reserve Bank of India (RBI) supported the rupee at lower levels and restricted the downfall. At the interbank foreign exchange market, the local unit opened at 83.66, and touched an early high of 83.65, registering a gain of 5 paise from its previous close. On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 against the US dollar. "A weakening dollar -- prompted by shifts in the macroeconomic landscape and emerging cracks in US economic data -- caused the dollar index to dip to 104. This scenario saw emerging market currencies rising against the dollar," CR Forex Advisors MD Amit Pabari said. However, despite these rupee-supporting factors, the Indian currency hasn't appreciated significantly,

What are Japan's tactics based on latest suspected forex intervention?

The yen had languished at 38-year lows past 160 per dollar before the suspected bout of intervention making policymakers increasingly worried

India's foreign exchange reserves hit new record high of $657 billion

Economists said that reserves rose due to a combination of revaluation and inflows. Forex reserves fell by $1.71 billion to $652 billion during the week ended June 28

Foreign exchange earnings from tourism at 12-month low, shows data

Number of Indians travelling abroad at a multi-year high, shows government data

Statsguru: RBI's earnings from foreign currency assets rise significantly

Foreign currency asset earnings, which were more than twice the earnings from domestic sources, were the primary reason behind the boost in overall income in 2023-24

India's foreign exchange reserves hit new peak of $651.5 billion

Governor Das expressed confidence that the central bank was well-positioned to meet the country's external financing requirements comfortably

Reserve Bank of India net dollar purchases in FY24 highest since FY21

March dollar purchase highest since June 2021

Rupee appreciates 6 paise to 83.31 against US dollar in early trade

The rupee appreciated by 6 paise to 83.31 against the US dollar on Tuesday amid softening crude oil prices in the international market. Forex traders said, however, the local unit faced some resistance due to subdued sentiment in the domestic equity market and a stronger American currency. At the interbank foreign exchange market, the local unit opened strong at 83.32 and inched up further to trade at 83.31 against the greenback, registering a gain of 6 paise from its previous closing level. On Friday, the rupee had settled 13 paise higher at 83.37 against the US dollar. The forex markets were closed on Monday on account of general elections. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.57, higher by 0.11 per cent. Analysts attributed the strengthening dollar to higher US treasury yields even as the Federal Reserve has indicated that it needs more time to assess the progress on inflation. Brent crude fut

India's foreign exchange reserves jump $2.56 billion to $644.15 billion

India's forex reserves jumped USD 2.561 billion to USD 644.151 billion for the week ended May 10, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the kitty had increased USD 3.668 billion to USD 641.59 billion after three consecutive weeks of decline. For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of rise. For the week ended May 10, the foreign currency assets, a major component of the reserves, increased by USD 1.488 billion to USD 565.648 billion, the data released on Friday showed. 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 increased USD 1.072 billion to USD 55.952 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 5 million to USD 18.056 billion, the apex bank said. India's reserve posi

Domestically held gold reserve rise by 40% in 5 years, shows RBI data

As of the end of March 2024, the Reserve Bank of India held a total of 822 metric tonnes of gold, with 408 metric tonnes held within the country

Japan's forex intervention may have cost $23.6 bn, BoJ data shows

Analysts point to the gaping gap between Japanese and U.S. government debt yields as the force behind the yen's slide

RBI's forex intervention eases as conditions turn favourable for rupee

India's current account will wing to a surplus in the March quarter, economists said

Foreign exchange reserves drop to six-week low at $640.33 billion

For the week to which the foreign exchange data pertains, the rupee had fallen to a lifetime low of 83.5750 to the dollar but logged marginal weekly losses

RBI flags unauthorised forex entities offering exorbitant returns

In several instances, the transactions conducted in these accounts do not align with the stated purpose for their establishment

Rupee, reserves: Calibrated approach taken by RBI in managing exchange rate

The RBI stepped up its intervention in the foreign exchange market in 2022, resulting in a sharp fall in foreign exchange reserves

Inflation targeting framework is the focus: RBI governor Shaktikanta Das

The RBI projects CPI will be 4.5 per cent for the whole year, and growth will be 7%

Consultants urge govt to allow deals involving foreign currencies via RBI

Consultants and service providers have urged the government to stop routing domestic deals involving foreign currencies like dollars via the US banking system to avoid transaction fees and save foreign currency. Intercontinental Consultants and Technocrats (ICT) chairman K K Kapila said at present a transaction fee is levied on US dollar transactions within the country. Citing an example, Kapila said payment in USD from Delhi to even nearby Faridabad from one entity to the other in the current dispensation is required to be undertaken through the US banking system. "This should be undertaken directly through the Reserve Bank of India and there should be no requirement of routing them through the American Banking system," he said. Kapila pointed out that a small country like the Philippines does not route its internal foreign exchange transactions through the United States. India can also do the same, he added.

Statsguru: Six charts show rising India's foreign exchange reserves

Due to increased capital flows, India accumulated over $100 billion worth of reserves during the pandemic

India's forex kitty rises by $139 mn to $642.63 billion: RBI data

Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund