Page 5 - Forex

Forex reserves jump $4.3 bn to hit new all-time high of $655.8 bn

India's forex reserves jumped USD 4.307 billion to a new all-time high of USD 655.817 billion for the week ended June 7, the Reserve Bank of India (RBI) on Friday. The kitty had jumped USD 4.837 billion to USD 651.51 billion in the previous reporting week. The previous high for the kitty -- a crucial guard against any disturbances in the external sector -- was USD 648.87 billion on May 10. In the past few weeks, the reserves have witnessed handsome jumps. For the week ended June 7, foreign currency assets, a major component of the reserves, increased by USD 3.773 billion to USD 576.337 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. Gold reserves increased USD 481 million to USD 56.982 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 43 million to USD 18.161 .

India's foreign exchange reserves hit new peak of $651.5 billion

Governor Das expressed confidence that the central bank was well-positioned to meet the country's external financing requirements comfortably

Sensex to GDP: How India looked when a party won 400 seats the last time

If the BJP secures over 400 seats in the Lok Sabha, it will be the second party to do so after Congress, which won 414 seats in 1984 after the assassination of Prime Minister Indira Gandhi

India's forex kitty reaches new high of $648.7 bn after $4.55 bn jump

India's forex reserves jumped USD 4.549 billion to a new all-time high of USD 648.7 billion for the week ended May 17, the Reserve Bank said on Friday. This is the third consecutive week of increase in the overall kitty, which had increased by USD 2.561 billion to USD 644.151 billion in the previous reporting week ended May 17. For the week ended April 5, the reserves had hit an all time high of USD 648.562 billion following multiple weeks of increases. In the week ended May 10, foreign currency assets -- a major component of the reserves -- increased USD 3.361 billion to USD 569.009 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. Gold reserves increased USD 1.244 billion to USD 57.195 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 113 million to USD 18.168

India's foreign exchange reserves jump $2.56 billion to $644.15 billion

India's forex reserves jumped USD 2.561 billion to USD 644.151 billion for the week ended May 10, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the kitty had increased USD 3.668 billion to USD 641.59 billion after three consecutive weeks of decline. For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of rise. For the week ended May 10, the foreign currency assets, a major component of the reserves, increased by USD 1.488 billion to USD 565.648 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. Gold reserves increased USD 1.072 billion to USD 55.952 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 5 million to USD 18.056 billion, the apex bank said. India's reserve posi

Dow hits 40,000 points for first time on earnings boost, rate cut bets

U.S. 10-year yields were flat at 4.356% FOREX: The dollar index was last up 0.3% at 104.49

Forex reserves drop $2.4 bn to $637.9 bn in 3rd consecutive week of decline

India's forex reserves dropped USD 2.412 billion to USD 637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined USD 2.28 billion to USD 640.33 billion. For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of increases. The earlier high of USD 642.453 billion achieved in September 2021 got surpassed in March this year. For the week ended April 26, the foreign currency assets -- a major component of the reserves -- decreased USD 1.159 billion to USD 559.701 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. Gold reserves decreased USD 1.275 billion to USD 55.533 billion during the week, the RBI ..

Foreign exchange reserves drop to six-week low at $640.33 billion

For the week to which the foreign exchange data pertains, the rupee had fallen to a lifetime low of 83.5750 to the dollar but logged marginal weekly losses

RBI flags unauthorised forex entities offering exorbitant returns

In several instances, the transactions conducted in these accounts do not align with the stated purpose for their establishment

CPCL Q4 results: Net profit falls 39% to Rs 628 cr on foreign exchange loss

Chennai Petroleum Corporation Ltd, a subsidiary of Indian Oil Corporation (IOC), on Wednesday reported 39 per cent drop in March quarter net profit on lower prices and foreign exchange loss. Consolidated net profit of Rs 627.89 crore in January-March FY24 was lower than Rs 1,012.81 crore earning in the same period last year, according to a stock exchange filing of the company. The profit was up 71 per cent when compared with Rs 365.3 crore earning in December quarter. Revenue from operations was lower at Rs 20,822.95 crore as against Rs 21,350.05 crore in January-March FY23. The company earned USD 8.64 on turning every barrel of crude oil into fuel in the year to March 31, 2024 as opposed to a gross refining margin of USD 11.91 per barrel in the previous year. Gross refining margin (GRM) for the quarter stood at USD 7.71 per barrel, compared to (-) USD 16.6 per barrel a year ago. Also, the company booked a foreign exchange loss of Rs 15.84 crore during January-March as compared

Forex reserves come of record highs as 7-week gaining streak ends

The reserves fell by $5.4 billion in the reporting week, the steepest fall in over three months. They had risen by a total of $32.5 billion in the prior seven weeks

BookMyForex launches foreign exchange app with instant forex card top-up

BookMyForex, online retail foreign exchange platform, on Monday launched its latest app version with feature of instant reloads on the BookMyForex True Zero Markup Card that enables users to digitally top-up their card in real time. In addition to instant reload feature, the app provides a streamlined and hassle-free order booking and order management experience through its intuitive interface along with card management features, the company said in a statement. BookMyForex.com CEO Sudarshan Motwani said, "Running out of funds while abroad is stressful and relying on credit cards exacerbates the issue with exorbitant conversion charges, and often restrictive credit limits. Our instant reload feature address these concerns and offering unparalleled peace of mind to travellers." The forex card can be purchased without the need to open a bank account and the cards are delivered on the same day of order, he said. With digital reloads in real-time, travellers can enjoy uninterrupted acc

Forex reserves jump $2.98 billion to new peak of $648.562 billion: RBI

India's forex reserves jumped by USD 2.98 billion to a fresh peak of USD 648.562 billion for the week ended April 5, the RBI said on Friday. In the previous reporting week, the forex kitty had increased by USD 2.951 billion to USD 645.583 billion, which was an all-time high. In September 2021, the country's forex kitty reached an all-time high of USD 642.453 billion, a level that was breached in March this year. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global events, but there has been a steady accretion over the past few months. For the week ended April 5, the foreign currency assets, a major component of the reserves, increased by USD 549 million to USD 571.166 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. Gold reserve

Forex derivatives fiasco puts spotlight on regulatory risk in India

Zerodha Broking Ltd. warned its clients to close open positions and cautioned about liquidity drying up

India's forex kitty jumps $2.9 billion to new high of $645.6 billion

Das says confident of meeting external financing requirements

Forex derivatives volumes to plummet 80% on mandatory exposure rule

The rule, which comes into effect from April 5, was reiterated by exchanges on Monday following concerns raised by brokers about its impact on volumes

Consultants urge govt to allow deals involving foreign currencies via RBI

Consultants and service providers have urged the government to stop routing domestic deals involving foreign currencies like dollars via the US banking system to avoid transaction fees and save foreign currency. Intercontinental Consultants and Technocrats (ICT) chairman K K Kapila said at present a transaction fee is levied on US dollar transactions within the country. Citing an example, Kapila said payment in USD from Delhi to even nearby Faridabad from one entity to the other in the current dispensation is required to be undertaken through the US banking system. "This should be undertaken directly through the Reserve Bank of India and there should be no requirement of routing them through the American Banking system," he said. Kapila pointed out that a small country like the Philippines does not route its internal foreign exchange transactions through the United States. India can also do the same, he added.

Statsguru: Six charts show rising India's foreign exchange reserves

Due to increased capital flows, India accumulated over $100 billion worth of reserves during the pandemic

RBI's likely intervention in forex market helps rupee to avoid a new low

According to RBI data, India's foreign exchange reserves were at $642.49 billion as of March 15, 2024

India's forex kitty rises by $6.40 billion to $642.50 billion: RBI data

India's forex reserves increased by USD 6.396 billion to USD 642.492 billion for the week ended March 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 10.47 billion to USD 636.095 billion. 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 March 15, the foreign currency assets, a major component of the reserves, increased by USD 6.034 billion to USD 568.386 billion, the 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. Gold reserves increased by USD 425 million to USD 51.14 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 65