Page 6 - Foreign Exchange

Indian footwear, leather industry major foreign exchange earner: Goyal

Union Minister of Commerce and Industry Piyush Goyal said that the Indian Footwear and Leather industry is not only a major foreign exchange earner but being a labour-intensive sector, it also provides employment to approximately 4.5 million people, 40 per cent of whom are women. While addressing as a Chief Guest at India International Footwear Fair 2023 (IIFF) at New Delhi on Saturday, Commerce and Industry Minister said that India has the capacity to become world's largest and best quality footwear manufacturer.The Minister said, "India is the 2nd largest exporter of leather garments, 3rd largest exporter of Saddlery and Harness and 4th largest exporter of Leather Goods in the world." Piyush Goyal highlighted that more than 95 per cent of the production units in this sector are Ministry of Micro, Small & Medium Enterprises (MSME) units.Piyush Goyal said, "Indian Size of footwear will be launched soon to help distinguish Indian Footwear around the globe and reduce dependence on

Indian firms can go for listing on foreign exchanges, IFSC: Sitharaman

Finance minister Nirmala Sitharaman on Friday said Indian companies can now go in for direct listing on foreign exchanges as well as on the International Financial Services Centre (IFSC) bourse in Ahmedabad. The nod, which came after three years of announcement as part of the Covid relief package, will enable domestic companies to access foreign funds by listing their shares on various exchanges overseas. A proposal regarding this was first floated as part of the liquidity package announced during the pandemic in May 2020. "A direct listing of securities by domestic companies will now be permissible in foreign jurisdictions. I'm also pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchange. So, this is a major step forward. This will facilitate access to global capital and better valuation, Sitharmanan said here. The minister was speaking at an event to launch AMC Repo Clearing and a corporate debt ..

India's forex reserves top $600 billion, rise to near 15-month high

They rose by $12.74 billion from the week earlier - the biggest gain in four months - having risen by a total of $3.08 billion in the prior two weeks

Foreign exchange reserves surge by $2.34 billion to $596 billion: RBI data

The reserve rose mainly on account of a rise in the RBI's foreign currency assets, which rose by 2.57 billion to $527.65 billion in the previous week

India's fiscal deficit target of 5.9% for FY24 at risk, warns Nomura

A notable increase in RBI's income, which was driven by profits from foreign exchange sales amounting to Rs 1 trillion, reflects active intervention in the foreign exchange market

The de-dollarisation debate

There are reasons to be bearish on the greenback, but it is unlikely to lose the reserve currency status

RBI grants AU Small Finance Bank permission to deal with foreign exchange

AU Small Finance Bank on Wednesday said it has received permission from Reserve Bank of India to deal in foreign exchange. Reserve Bank of India vide its letter dated April 19, 2023 has granted Licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange, AU Small Finance Bank said in a regulatory filing. The permission is subject to compliance of applicable regulations, it said. Recently, RBI approved re-appointment of Sanjay Agarwal as managing director and CEO of AU Small Finance Bank for a period of three years. The re-appointment is valid with effect from April 19 till April 18, 2026, AU Small Finance Bank said in a statement. Besides, it said the regulator has also cleared the re-appointment of Uttam Tibrewal as the whole-time director for a period of three years.

India's forex reserves up $6.3 bn to $585 bn, highest in nine months

The surge was mainly on account of a $4.74 billion accretion to currency reserves that took them to $514.4 billion, shows RBI data

ED files FEMA case against BBC India for foreign exchange violations

The probe is essentially looking at purported foreign direct investment (FDI) violations by the BBC India, sources said

Foreign exchange reserves record highest weekly rise since Nov 2022

India had fifth largest forex reserves in the world as of Feb 2023, says RBI bulletin

RBI sells net $384 million in spot foreign exchange market in January

The Reserve Bank of India sold net $384 million in the spot foreign exchange market in January, the central bank's monthly bulletin showed on Tuesday

India's foreign exchange reserves fall $2.4 billion to $560 billion

The domestic currency has experienced turbulence since February due to apprehensions of more rate hikes by the US Federal Reserve

No contagion seen on Indian bonds, forex from SVB collapse: DBS Bank

"The dollar index is not stretching as the typical risk-off scenario. Unless commercial activity drops across the world, which does not seem to be the case, we may not see any major impact"

Worrisome to see no transparency in forex fees for small players: RBI's Rao

Foreign Exchange Dealers' Association should take lead in safeguarding customers against fraud platforms: Deputy Governor

Indians spent nearly $10 billion on foreign travel in April-December

Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20

RBI net bought dollar in forex market for second month in December

From June to October, the central bank sold dollars every month

India's forex kitty rises by $1.727 billion to $573.727 billion: RBI data

India's forex reserves increased by USD 1.727 billion to USD 573.727 billion in the week ended January 20, the Reserve Bank of India said on Friday. This is the second consecutive week of a rise in the kitty after the USD 10.417 billion jump to USD 572 billion during the preceding week. In October 2021, the country's forex kitty 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. In October 2022, the reserves had swelled by USD 14.721 billion during a week. During the reporting week, the foreign currency assets, a major component of the reserves, increased by USD 839 million to USD 506.358 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 foreig

Rupee likely to fall on weak Asia foreign exchange, waning momentum

The rupee on Monday had opened higher, but reversed course on heavy dollar-buying by public sector banks to suffer its worst session against the dollar in a month

RBI sold $922 million in foreign exchange market in October: Bulletin

Forward purchase book shrinks $10 bln as RBI spreads out interventions

Rupee declines 11 paise to 82.73 against US dollar in early trade

The rupee weakened by 11 paise to 82.73 against the US dollar in early trade on Tuesday as a sell-off in domestic equities and rising crude prices in global markets weighed on the local unit. However, a weak greenback against major rivals overseas supported the domestic currency and restricted the fall, forex traders said. At the interbank foreign exchange, the local currency opened weak at 82.69 against the dollar, then lost ground further to 82.73, registering a decline of 11 paise over its previous close. The rupee settled 13 paise higher at 82.62 against the dollar in the previous session on Monday. In the domestic equity market, the 30-share BSE Sensex was trading 303.59 points or 0.49 per cent lower at 61,502.60, and the broader NSE Nifty slipped 95.85 points or 0.52 per cent to 18,324.60. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.37 per cent to 104.33. Brent crude futures, the global oil benchmark, rose