Page 9 - Forex

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

Will continue to cooperate fully with Indian authorities: BBC on ED probe

The BBC will cooperate fully with the Indian authorities, the UK-headquartered media organisation said on Thursday in response to reports from India of a new investigation launched by the Enforcement Directorate (ED) into alleged foreign exchange violations by the British public broadcaster. A spokesperson for the British taxpayer-funded licence fee-backed media corporation told PTI that the BBC would comply with its obligations for operating in India. The statement came in response to a query about reports that the ED has reportedly called for documents and statements of some company executives under provisions of the Foreign Exchange Management Act (FEMA). "We will continue to cooperate fully with the Indian authorities to ensure that we comply with all our obligations, a BBC spokesperson said. According to official sources in Delhi, the ED probe is reportedly looking at purported foreign direct investment (FDI) violations by the company in India. It follows the Income-Tax (I-T)

Bangladesh's forex reserves fall to around 6-year low to $31.14 bn

Forex reserves equivalent to six months' import bills are considered adequate for a growing economy like Bangladesh

RBI expansion of NDF access to help manage rupee volatility: Analysts

They were earlier permitted to transact in rupee NDF forex derivatives contracts with non-residents and with other eligible banks

Thomas Cook to set up forex outlets at Manohar International Airport

Goa's Thomas Cook Airport counters will enable foreigners from G20 countries and NRIs to make UPI eligible Indian Rupee transactions upon arrival

After $3 bn, Reliance Industries, Jio raise $2 bn foreign exchange loan

Barely days after signing a USD 3 billion financing in India's most widely syndicated loan, Reliance Industries Ltd and its unit Reliance Jio Infocomm have raised USD 2 billion add-on foreign currency facility at most competitive rates, sources said. The USD 3 billion financing closed on March 31 and the add on USD 2 billion thereafter. The fund raising is the largest through syndicated term loans by an Indian corporate house in at least five years, the banking sources involved in the deal said. The primary syndication of USD 3 billion involved around 55 lenders, including nearly two dozen Taiwanese banks as well as global giants such as Bank of America, HSBC, MUFG, Citi, SMBC, Mizuho, and Credit Agricole. The new loan of USD 2 billion has the same terms as the borrowing signed on March 31 with 55 lenders, including 40 that joined in two phases of syndication. The sources said the blowout response was not surprising considering the momentum the USD 3 billion borrowing had already .

At $578.78 bn, India's forex reserves rise to over eight-month high

That is an increase of $5.98 billion from the previous week

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

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

SBI's start-up branches showing good inflow of deposits: Chairman Khara

These branches essentially offer banking services such as channelising the flow of money and maintaining bank accounts, along with forex conversion, and custodial services

Enforcement Directorate freezes over Rs 120cr in illegal forex trading case

The ED said that a total of 180 accounts were found involved in the layering of funds received from investors in the name of forex trading on TP Global FX platform

India's forex reserves increase, snapping four-week losing streak

The reserves stood at $560.94 billion in the week to Feb 24

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

India's foreign exchange reserves at 11-week low, down for third week

In the week gone by, the rupee depreciated 0.4 per cent against the US dollar, settling at 82.83 per US dollar on February 17

India's foreign exchange reserves at 11-week low, down for third week

The reserves stood at $566.95 billion in the week to Feb 10, down $8.3 billion from the previous week

Bangladesh pvt power producers seek $1bn foreign currency to import fuel

Analysts expect power cuts in Bangladesh to worsen this year, as a rapid decline in the value of its currency and foreign exchange reserves have limited its ability to import power generation fuels

Pakistan's biggest firms halt operations amid raw material, forex shortage

Pak's $3.19 bn in foreign currency reserves mean that the nation is unable to fund imports, stranding thousands of containers of supplies on its ports and stalling production, putting jobs at risk

India's foreign exchange reserves post biggest weekly fall in 10 months

RBI likely sold dollars to shield rupee amid Fed hike concerns

Rupee gains 12 paise to 81.76 against US dollar ahead of Union Budget

The rupee opened on a positive note and gained 12 paise to 81.76 against the US dollar in early trade on Wednesday ahead of the Union Budget presentation. At the interbank foreign exchange, the domestic unit opened at 81.76 against the dollar, registering a rise of 12 paise over its previous close. On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficit. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 102.08. Brent crude futures, the global oil benchmark, declined 0.48 per cent to USD 84.49 per barrel. The focus now will be on the government's fiscal consolidation path when it presents the Union Budget FY24. Investors will also eye the outcome from the Fed meeting later in the evening,

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