Forex

Short-covering drives rupee towards 90 vs dollar as pressure returns

Hits new closing low of 89.88/$; Hits 89.96/$ intraday

Delhi Police uncovers forex trading scam with Dubai link, 3 arrested

The Delhi Police has arrested three people, including a sales manager of a private bank, over alleged links with an interstate syndicate involved in large-scale forex trading scam operated by Dubai-based handlers, an official said on Monday. The accused have been identified as Anurag Kumar, a mule-account provider; Zeeshan Syed, sales manager at a private Bank; and Himanshu Gupta, a key handler with past involvement in cheating and forgery, he said. They were allegedly part of a network that created shell companies and opened multiple mule current accounts to layer and launder the proceeds of investment frauds, the police said. The gang lured victims through social media groups, using manipulated dashboards to display fictitious forex trading profits, the senior officer said. Manipulated by the fake returns, victims were induced to deposit money repeatedly, which was then routed through a layered network of accounts created under entities such as "Rebootz Sync Professionals Pvt Ltd

Forex reserves jump by $4.496 billion to $702.28 billion, shows RBI data

India's forex reserves increased by USD 4.496 billion to USD 702.28 billion for the week ended October 17, as the value of gold reserves rose further, the RBI said on Friday. In the previous reporting week, the overall reserves had jumped by USD 2.176 billion to USD 697.784 billion. For the week ended October 17, foreign currency assets, a major component of the reserves, decreased by USD 1.692 billion to USD 570.411 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves. Value of the gold reserves jumped by USD 6.181 billion to USD 108.546 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 38 million to USD 18.722 billion, the apex bank said. India's reserve position with the IMF fell by USD 30 million to USD 4.602 billion in the reporting week, according to t

The forex chest's swell: Valuation gains to lift India's reserves

But when capital flows are volatile, as has happened this financial year, even financing a low CAD can become challenging and put pressure on the currency

Tech turns the new currency for forex trade amid shifting geopolitics

The new system will use emerging technologies to complete transactions instantly - a process that typically takes about 36-48 hours

Experts on USD's historic peak: Should investors cash in now or wait

Experts weigh in on the dollar's surge against rupee, what it means for Indian investors, and whether to book profits now or hold

India's forex reserves fall $2.3 billion to $700.23 billion, shows RBI data

Last week, India's forex kitty had declined by $396 million to $702.57 billion, data showed

Govt looks to address gaps used to illegally transfer forex overseas

Several scammers are easily tampering with certificates issued by chartered accountants (CAs) using easily available and simple tools like PDF editors

India's forex reserves jump by $3.51 billion to $694.23 billion

India's forex reserves jumped by USD 3.51 billion to USD 694.23 billion for the week ended August 29, the RBI said on Friday. The overall reserves had dropped by USD 4.386 billion to USD 690.72 billion in the previous reporting week. For the week ended August 29, foreign currency assets, a major component of the reserves, increased by USD 1.686 billion to USD 583.937 billion, the latest data 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. The gold reserves increased by USD 1.766 billion to USD 86.769 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 40 million to USD 18.775 billion, the apex bank said. India's reserve position with the IMF was also up by USD 18 million at USD 4.749 billion in the reporting week, the RBI data showed.

Forex reserves drop $4.38 billion to $690.72 billion, shows RBI data

India's forex reserves dropped USD 4.386 billion to USD 690.72 billion for the week ended August 22, the Reserve Bank of India (RBI) said on Friday. The overall reserves had jumped USD 1.488 billion to USD 695.106 billion in the previous reporting week. For the week ended August 29, foreign currency assets, a major component of the reserves, decreased USD 3.652 billion to USD 582.251 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. The gold reserves decreased USD 665 million to USD 85.003 billion during the week, the RBI said. The special drawing rights (SDRs) were down USD 46 million to USD 18.736 billion, the apex bank said. India's reserve position with the IMF was also down USD 23 million at USD 4.731 billion in the reporting week, the apex bank data showed.

RBI net sells $3.6 bn in Jun, net short dollar position dips to $60.39 bn

The RBI reversed its forex stance in June with $3.6 bn net sales, while rupee's REER stayed flat and forward dollar short positions dropped further to $60.39 bn

Forex reserves decline $9.32 billion to $688.87 billion, shows RBI data

India's forex reserves dropped by USD 9.322 billion to USD 688.871 billion for the week ended August 1 in one of the highest declines in the recent past, the RBI data showed on Friday. The overall reserves rose by USD 2.703 billion to USD 698.192 billion in the previous reporting week. For the week ended August 1, foreign currency assets, a major component of the reserves, decreased by USD 7.319 billion to USD 581.607 billion, according to the data. 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. The gold reserves decreased by USD 1.706 billion to USD 83.998 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by USD 237 million to USD 18.572 billion, the apex bank said. India's reserve position with the IMF was also down by USD 59 million at USD 4.694 billion in the reporting week, the apex bank data showed.

India's forex reserves fall $9 billion to $689 bn reflecting rupee defence

The rupee slid 1.18 per cent against the dollar in the week through August 1, marking its sharpest weekly decline in nearly three years

India's forex reserves fall by $3 billion to $699.736 billion: RBI data

India's forex reserves dropped by USD 3.049 billion to USD 699.736 billion in the week ended July 4, the RBI said on Friday. In the previous reporting week, the overall reserves had jumped by USD 4.849 billion to USD 702.784 billion. The reserves had touched an all-time high of USD 704.885 billion in end-September 2024. For the week ended July 4, foreign currency assets, a major component of the reserves, dropped by USD 3.537 billion to USD 591.287 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. The gold reserves were up by USD 342 million to USD 84.846 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 39 million to USD 18.868 billion, the apex bank said. India's reserve position with the IMF jumped by USD 107 million to USD 4.735 billion in the reporting wee

Low interest rate in India is coming at the cost of rupee exchange rate

There is high negative correlation between the India 10-year and US 10-year bond yield spread and rupee-dollar exchange rate

Central banks in Asia scale back currency intervention as dollar weakens

The greenback has plummeted against major currencies this year, suffering drops of around 10% against the euro and the Swiss franc

India's forex reserves rise by $2.29 billion to reach $698.95 billion

India's forex reserves rose USD 2.294 billion to USD 698.95 billion for the week ended June 13, the RBI said on Friday. The overall reserves had increased by USD 5.17 billion to USD 696.65 billion for the previous reporting week ended June 6. Forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024. For the week ended June 13, foreign currency assets, a major component of the reserves, rose by USD 1.739 billion to USD 589.426 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. The gold reserves were up by USD 428 million to USD 86.316 billion during the week, the RBI said. The Special Drawing Rights (SDRs) also rose by USD 85 million to USD 18.756 billion, the central bank said. India's reserve position with the IMF also inched up by USD 43 million at USD 4.452 billio

Thomas Cook teams up with Muthoot Forex for wider payments reach

The partnership brings Thomas Cook's Borderless Travel and Study Buddy cards to Muthoot's 7,000-branch network, expanding access to forex solutions across India

India's forex reserves fall $4.9 bn due to decline in gold holdings

India's foreign exchange reserves dropped by $4.9 billion to $685.7 billion in the week ended May 16 due to a sharp $5.1 billion decline in gold reserves

Forex reserves decline $4.88 billion to $685.72 billion, shows RBI data

The forex reserves had swollen by $4.55 billion in the previous week, which had pushed the total reserves to $690.617 billion. The country had reached a record high of $704.885 billion in Sep 2024