Page 5 - Foreign Exchange

Rupee falls 4 paise against US dollar due to muted domestic trend

Forex traders said a muted trend in domestic equities also weighed on the local unit, while a correction in oil prices provided support to the currency

ED issues notice to Byju's for violation of forex rules, firm denies

The agency has alleged violations by the company worth Rs 9,000 crore ($1.1 billion) under the Foreign Exchange Management Act (FEMA), the television channel reported

India's forex reserves rise by $2.58 bn to $586.11 bn, shows RBI data

Gold reserves were up by USD 499 million to USD 45.923 billion during the week, the RBI said

Govt allows direct overseas listing of firms; notifies under companies law

In a significant move, the government has permitted Indian companies to list on foreign exchanges, subject to certain conditions. The corporate affairs ministry has notified the relevant section under the companies law in this regard. Currently, overseas listings by local listed entities are carried out through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). "In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby appoints the 30th day of October 2023 as the date on which the provisions of section 5 of the said Act shall come into force," the ministry said in a notification on October 30. The rules for direct overseas listing of Indian companies are yet to be notified. Section 5 allows certain classes of public companies to list their securities on permitted stock exchanges in permissible foreign jurisdictions or such other jurisdictions, as may be prescribed.

Strengthening US dollar is a global risk: RBI's state of the economy report

The report said that during the calendar year 2023, India's foreign exchange reserves increased by US$ 22.0 billion, which is the highest among major foreign exchange reserves-holding countries

Turning the tide on oil

India has faltered in locating its oil reserves for decades, but now a path is being paved to facilitate its transition from an oil importer to an exporter

With dollar sales, RBI prevents rupee from hitting all time low: Report

Dealers estimate that state-run banks sold approximately $500 million on behalf of the RBI

Forex pile remains Asia's first defense against relentless US dollar

Focus is shifting to what steps authorities in the region may take after verbal warnings and stronger fixings failed to arrest the downdraft in their currencies

India's foreign exchange reserves fall to 4-month low of $590.70 billion

Over the last few trading sessions, the RBI has been likely selling dollars via public sector banks to prevent the rupee from falling to a record low against the dollar, traders said

Government bond and forex market to remain open on Thursday, Friday

The auction of government-dated securities scheduled on Friday, will now be conducted on Thursday, with settlement on Friday

India's bond index inclusion set to test RBI's liquidity, FX management

"So as and when passive investors encounter tax implications, they will think twice," the report said

RBI can spend $30 bn of forex reserves for defending rupee: Report

The rupee rose by 5 paise to close at 83.06 against the dollar at the end of the day's trade on Thursday

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 forex reserves jump by $4.03 billion to $598.89 billion: RBI data

India's forex reserves jumped by USD 4.039 billion to USD 598.897 billion for the week ended September 1, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by USD 30 million to USD 594.858 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended September 1, the foreign currency assets, a major component of the reserves, increased by USD 3.442 billion to USD 530.691 billion, according to the Weekly Statistical Supplement released by the RBI. 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 were up by USD 584 million to USD 44.939 billion, the RBI ..

Faced with forex crunch, Pakistan looks up to Iran for life-saving drugs

Banking on what Pakistan described as longstanding and time-tested close fraternal relations with Iran, cash-strapped Pakistan is looking forward to Tehran's help to tide over the unprecedented medicine shortage, including that of life-saving drugs. For more than six months now, Pakistan has faced a severe shortage of life-saving drugs amid a crippled healthcare system due to a lack of Forex reserves, which in turn, has hampered the country's capacity to import both the medicines and the raw material used for local drug manufacturing. It was decided at a meeting between Pakistan's Minister for National Health Services (NHS) Dr Nadeem Jan and Iranian Ambassador to Pakistan Reza Amiri-Moghaddam here on Tuesday that Pakistan's drug regulatory authority will work out a comprehensive strategy on a fast-track basis with its Iranian counterpart to ensure uninterrupted supply of life-saving drugs. Pakistan's leading daily Dawn reported that the Iranian Ambassador had called on the Pakistani

Foreign exchange reserves remain largely flat at $594.86 bn as of Aug 25

Forex reserves fell by a marginal $30 million for the week, compared to a $7.27 billion drop in the week ended Aug. 18, the data showed

India's foreign exchange reserves snap a three-week losing streak

Rise by $708 mn to $602 bn in the week ended Aug 11

Foreign exchange reserves up $700 mn to $602 bn, snap 3-week losing streak

The changes in foreign currency assets, expressed in dollar terms, include the effects of appreciation or depreciation of other currencies held in the Reserve Bank of India's (RBI) reserves

Rupee recovers from its all-time low to 83.02 against US dollar on Friday

The rupee recovered from its all-time low levels and appreciated by 7 paise to 83.02 against the US dollar in early trade on Friday as the American currency retracted from its elevated levels. However, a muted trend in domestic equities, foreign fund outflows and rising crude oil prices weighed on the domestic unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 83.03, then touched a high of 83.02 against the American currency, registering a rise of 7 paise over its last close. In initial trade the rupee also touched a low of 83.09 against the American currency. On Thursday, the rupee settled for the day lower by 1 paisa at a fresh all-time low of 83.09 against the US dollar. Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets and firm US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.26 per cent to 103.30. Brent crude futures, the globa

India's foreign exchange reserves fall for the third consecutive week

The fall in the reserves for the third straight week was mainly on account of a drop in the foreign currency assets, which declined $1.9 billion to $533 billion in the previous week