Page 3 - Forex Market

Master Direction part of Initiative for forex market risk management: Das

India's foreign reserves rise by $6 billion

India's forex exchange reserves rise to 11-week high of $595 billion

The currency settled at 83.3675 on Friday, a record closing low, and was down 0.1% for the week

Reserve Bank adds 19 unauthorised forex trading platforms in 'Alert List'

The Reserve Bank on Friday updated the 'Alert List' of unauthorised forex trading platforms by adding 19 more entities, including FX SmartBull, Just Markets, and GoDo FX, taking the total to 75. The Alert List contains the names of entities, which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. The other entities added to the list are Admiral Market, BlackBull, Easy Markets, Enclave FX, Finowiz Fintech, FX SmartBull, Fx Tray Market, Forex4you, Growing Capital Services, and HF Markets. Other platforms are HYCM Capital Markets, JGCFX, PU Prime, Real Gold Capital, TNFX, Ya Markets, and Gate Trade. In a statement, the Reserve Bank said the Alert List also contains names of entities/platforms/websites which appear to be promoting unauthorised entities. "The list is not exhaustive," it said and adde

Rupee appreciates 6 paise to 83.32 against US dollar in early trade

The rupee recovered from its all-time low levels and appreciated 6 paise to 83.32 against the US dollar in morning trade on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Forex traders said the rupee fell to fresh record lows on Monday despite broad weakness in the dollar against its major crosses on suspected importer-related buying. At the interbank foreign exchange, the rupee opened at 83.33, then touched 83.32 against the American currency, higher by 6 paise over its previous close. On Monday, the rupee declined by 12 paise to settle at its all-time low of 83.38 against the US dollar. Investors will focus on the existing home sales data from the US and weaker-than-expected numbers could keep the dollar weighed down. We expect the USDINR (Spot) to trade sideways and quote in the range of 83.05 and 83.40, Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial, said. Meanwhile, the dollar index was tra

Forex trade impacted by platform outage; RBI asks for root cause analysis

Trading in the forex market was impacted on Friday as one of the platforms suffered an outage. One of the electronic trading platforms suffered an outage around midday during the trading hours due to which players were unable to log into the system, according to sources. Orders dried up as a result of this, they said, adding that this created a heightened uncertainty in the forex market, causing excess volatility in the Indian rupee, which was avoidable. According to market participants, the Rupee, which has been range-bound around 83.30 to the dollar for many weeks lost some ground as a result of the volatility, depreciating till 83.50 intra-day before closing at 83.34 at the end of the trading session. A source said the Reserve Bank of India has asked the platform to undertake a "root cause analysis" and "ascertain whether it was a system failure or human error that led to the disruption" on the platform. The RBI has also sought an explanation from the platform to understand the

Rupee ends flat as Reserve Bank's support counters month-end dollar demand

The rupee closed at 83.25, little changed from its close at 83.2450 in the previous session. The currency traded in a narrow 83.2450 to 83.27 range in the spot session

India's forex reserves resume losing streak, fall to $583.53 billion

The RBI intervenes in both the spot and forwards markets to prevent runaway moves in the rupee

RBI's $5 billion swap maturity causes flutter, but no major turbulence

One of the ways a bank can do that is by accessing the overnight swap market to borrow dollars vis-a-vis the rupee. A fall in the swap rate means there is a high demand for dollars

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

Govt securities, forex market to remain operational on Thur, Fri: RBI

Government securities, foreign exchange, money and rupee interest rate derivatives markets will remain open on Thursday and Friday, according to the Reserve Bank of India. The Maharashtra government has declared September 29 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. The public holiday on September 28, 2023 declared earlier has been cancelled. "To ensure smooth functioning of the financial markets and non-disruptive settlement of transactions especially in view of the quarter/ half year end, it has been decided, in public interest, to keep the government securities market, foreign exchange market, money market and rupee interest rate derivatives market operational on September 29, 2023 in addition to being operational on September 28, 2023," the RBI said in a statement on Wednesday. It further said settlement of the auction of Government of India treasury bills conducted on Wednesday (September 27) will take place on September 29, 2023. The auctio

India's forex kitty drops $867 million to $593.037 billion: RBI data

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

Rupee appreciates 26 paisa to settle at Rs 82.95 as RBI sells US dollars

The RBI set the cut-off yield on the five-year, 10-year, and 30-year bond at 7.19 per cent, 7.16 per cent, and 7.34 per cent, respectively

Corporate dollar inflows boost rupee to a one-month high; gains 27 paisa

The Reserve Bank of India (RBI) has been active in the foreign exchange market in recent times and mopped up dollars to boost its foreign exchange reserves

RBI updates 'Alert List' of entities not authorised to deal in forex trade

The Reserve Bank on Wednesday updated its 'Alert List' for the public on unauthorised forex trading platforms by adding eight more entities taking the total to 56. In September last year, the central bank came out with an 'Alert List' of unauthorised forex trading platforms containing the names of 34 entities. The list was updated in February also. Now there are 56 entries in the list. The names added on Wednesday are: QFX Markets, WinTrade, Guru Trade7 Limited, Bric Trade, Rubik Trade, Dream Trade, Mini Trade, and Trust Trade. The authorisation status of any person/Electronic Trading Platform (ETP) can be ascertained from the list of authorised persons and authorised ETPs available on the RBI's website. The RBI had cautioned residents against entities/platforms/websites promoting unauthorised forex trade. It had also reiterated that residents using any means to remit/deposit funds, directly or indirectly, in INR or in any other currency, for undertaking forex transactions for ..

RBI bought $750 million on net basis from spot forex market in March

The Reserve Bank of India (RBI) bought $750 million on a net basis in the spot foreign exchange market in March, data released on Monday as part of the central bank's monthly bulletin showed

RBI snaps 2 months of dollar buys, net-sells $384 mn in market in Jan

Forward book surges $10.76 bn as central bank picks up dollars

Rupee falls 10 paise to 82.75 against US dollar on foreign outflows

The rupee depreciated by 10 paise to 82.75 against the US dollar in early trade on Thursday amid negative trends in the domestic as well as global equity markets and continued outflow of foreign funds. At the interbank foreign exchange, the domestic unit opened weaker at 82.77 against the US dollar and traded in the range of 82.80 and 82.71. Later, the domestic unit was trading at 82.75 against the greenback, registering a fall of 10 paise. On Wednesday, the rupee settled at 82.65 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.10 per cent lower at 104.54. Global oil benchmark Brent crude futures rose 0.61 per cent to USD 74.14 per barrel. The 30-share BSE Sensex was trading 116.67 points or 0.20 per cent lower at 57,439.23 points while the broader NSE Nifty was down 34 points or 0.2 per cent at 16,938.15 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on ..

Rupee poised to extend rally on soft dollar index, positive risk mood

The non-deliverable forwards indicate the rupee will open at around 81.85 to the dollar compared with 81.9650 in the previous session

Rupee falls 11 paise to 82.60 against US dollar, oil advances 0.04%

The rupee depreciated 11 paise to 82.60 against the US dollar in early trade on Thursday, weighed down by strength of the American currency in the overseas market. Sustained foreign fund outflows further dented investor sentiments, according to forex traders. At the interbank foreign exchange, the domestic unit opened weak at 82.57 against the dollar, then fell to 82.60, registering a decline of 11 paise over its last close. On Wednesday, the rupee settled at 82.49 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 11 per cent to 104.59. Brent crude futures, the global oil benchmark, advanced 0.04 per cent to USD 83.34 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 303.83 points or 0.51 per cent lower at 59,107.25. The broader NSE Nifty declined 80.70 points or 0.46 per cent to 17,370.20. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday

Rupee falls 19 paise to 82.94 against US dollar on muted domestic equities

The rupee depreciated 19 paise to 82.94 against the US dollar in early trade on Monday, weighed down by a strong American currency and a muted trend in domestic equities. At the interbank foreign exchange, the domestic unit opened weak at 82.87 against the dollar, then fell further to 82.94, registering a decline of 19 paise over its last close. In the previous session on Friday, the rupee settled at 82.75 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 105.25. Forex traders said the Indian rupee depreciated on weak domestic markets and a positive greenback. Rebound in crude oil prices also weighed on the rupee. Meanwhile, Brent crude futures, the global oil benchmark, declined 0.38 per cent to USD 82.84 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 159.67 points or 0.27 per cent lower at 59,300.22. The broader NSE Nifty declined 46.90 points or 0.27 per cent to