Page 8 - Foreign Exchange

Depleting forex reserves making India vulnerable? Not really, say experts

At the current rate, the reserves may provide cover for eight months of imports in FY23. Four months could be considered a danger mark

RBI, bond market players discuss liquidity strategy as surplus dwindles

RBI asked for mkt views on BoP, impact of 75-bps rate hike by US Fed

SBI asks exporters to trade with Bangladesh in rupee, taka: Report

"The country is facing a shortage of foreign currency due to higher import bills and weaknesses of Bangladeshi taka against dollar in recent times," the SBI said

RBI net-sold $19.05 billion in forex market in July to protect rupee

RBI's forward purchases fell $9 bln in July as interventions spread across spot, forwards

RBI releases 'alert list' of 34 entities barred from forex trades

List not exhaustive, must not assume those not on it are authorised for such trades

RBI is anchoring expectations on rupee weakness, says Shaktikanta Das

He expects inflation to fall within tolerance band by January-March

Russia mulls buying $70 billion in yuan, other 'friendly' currencies

The yuan briefly extended gains against the dollar after the news, rallying to a session high.

Top headlines: S&P ups India inflation forecast, green hydrogen, and more

S&P Global Ratings raises India's inflation forecast to 6.8% for FY23. India Inc's next big thing could be green hydrogen

UP drafts 'services export' policy to attract investors, earn forex

UP is targetting to increase merchandise exports to almost Rs 3 trillion in the next three years

Rupee falls 19 paise to close at 79.64 as Fed minutes prop dollar

The rupee depreciated 19 paise to close at 79.64 (provisional) against the US dollar on Thursday, following the strength of the American currency in the overseas market. At the interbank foreign exchange market, the local currency opened at 79.60 and moved in a range of 79.60 to 79.71 during the day. It finally ended at 79.64 against the greenback, down 19 paise over its previous close. On Wednesday, the rupee gained 29 paise to settle at 79.45 against the dollar. Forex traders said the US dollar index witnessed an upturn after the Federal Open Market Committee (FOMC) meeting minutes showed that though things are slowing in the US, the Fed is not done with the rate hikes. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 per cent to 106.68. The US central bank policymakers committed to raising rates as high as necessary to tame inflation, said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. Somaiya .

Monetary policy: SPDs can offer all foreign exchange trade facilities

Decision comes after requests from foreign players; scope of existing licence was restrictive, say primary dealers

ED registered maximum money laundering cases during 2021-22 fiscal: Govt

During the fiscal years between 2012-13 to 2021-22, ED filed a total of 3,985 criminal complaints under the Prevention of Money Laundering Act (PMLA) and 24,893 under the civil law of FEMA.

New SEZ law to focus on job creation and research, not foreign exchange

The Bill shall propose the re-introduction of certain direct tax benefits, under which units set up in these development hubs shall attract a 15 per cent corporate tax until 2032

43% of India Inc's foreign exchange revenue comes to IT companies

The companies that have published their forex transaction for FY22 account for nearly 65 per cent of such earnings in the sample

RBI renews statement of commitment to global code on best market practices

The FX Global Code, developed under Bank for International Settlements, Basel, compiles the practices formulated by central banks worldwide

RBI prepared to spend $100 bn more for defending rupee, says report

Most analysts and traders believe worst is yet to come for the rupee, despite the RBI's intent to defend the currency and India's sound macroeconomic fundamentals

Amnesty India rubbishes ED allegations; says govt curbing critics

ED alleged that London-based Amnesty International sent huge sum of foreign contribution to its Indian entities, during Nov 2013-June 2018 in ''guise of business activities,'' to escape FCRA scrutiny

Defending the rupee

Market adjustment should not be delayed for long

RBI measures a step in right direction but forex inflows still seen limited

RBI announced five measures pertaining to the liberalisation of foreign exchange flows into India

RBI measures should help rupee outperform peers in emerging mkts: Experts

The slew of measures announced by Reserve Bank of India (RBI) on Wednesday to enhance foreign exchange inflows should help rupee to outperform its peers in emerging market economies, experts said. RBI said it has been closely and continuously monitoring the liquidity conditions in the forex market and has stepped in as needed in all its segments to alleviate dollar tightness with the objective of ensuring orderly market functioning. It announced five measures to enhance foreign exchange inflows. The Indian rupee, RBI said has depreciated by 4.1 per cent against the US dollar during the current financial year so far (up to July 5), which is modest relative to other EMEs and even major Advanced Economies (AEs). Abhishek Goenka, CEO of IFA Global, said that in a nutshell, RBI has tried to boost short-term dollar inflows with the latest measures. Vivek Kumar, Economist at QuantEco Research, said persistent pressure on rupee has prompted the central bank to diversify its defence strate