Page 2 - India's Forex Resreve

Rupee depreciates 3 paise to 83.48 against US dollar in early trade

The rupee depreciated 3 paise to 83.48 against the US dollar in early trade on Tuesday amid a strong American currency against major Asian rivals and an upward movement in the crude oil prices. However, positive sentiment in the domestic equity markets and some inflow of foreign capital in the Indian equities capped the fall in the Indian currency, forex traders said. At the interbank foreign exchange, the domestic unit opened at 83.46 against the greenback and then slipped further to 83.48, registering a loss of 3 paise compared to its previous closing level. On Monday, the rupee had settled 7 paise lower at 83.45 against the US dollar. Gaurang Somaiya, Forex and bullion analyst, Motilal Oswal Financial Services Ltd, said the rupee weakened amidst rising concerns that the US Federal Reserve could delay interest rate cuts as the country's inflation stayed above the central bank's 2 per cent target. "US economy remains resilient and with a hawkish stance from the Fed, the dollar ..

India building up gold reserves as part of forex deployment: RBI Guv Das

Reserve Bank Governor Shaktikanta Das on Friday said India has been building up gold reserves as part of its forex deployment. "We are building up gold reserves that is a part of our reserve deployment," Das told reporters at the customary post-policy review press conference here. He did not give any specifics on the quantum of gold buys, but pointed to the official data which shows an increase in the value of gold reserves. As per official data, the value of gold in the forex reserves stood at USD 51.487 billion as on March 22, which is USD 6.287 billion higher than the value as at end-March 2023. As per a recent news report, RBI bought 8.7 tonne of gold in January alone which is the highest in two years. The central bank's gold holdings had touched 812.3 tonne at the end of January from 803.58 tonne in the preceding month, as per the World Gold Council. The price of gold has also seen a rally over the last few months. Earlier in the day, Das announced that the overall forex ..

India's forex kitty rises by $139 mn to $642.63 billion: RBI data

Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund

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

RBI's new rule on exchange-traded rupee derivatives confuses brokers

Reserve Bank of India (RBI) in a Jan. 5 circular said that stock exchanges may offer forex derivative contracts involving the rupee to users "for the purpose of hedging contracted exposure"

India's forex reserves jump $2.816 bn to $606.859 bn, shows RBI data

India's forex reserves jumped USD 2.816 billion to USD 606.859 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had risen USD 6.107 billion to USD 604.042 billion. It can be noted that 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 December 8, the foreign currency assets -- a major component of the reserves -- increased by USD 3.089 billion to USD 536.699 billion, the data said. 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 were down USD 199 million to USD 47.13 billion during the week, the RBI said. The Special Drawing Ri

India's forex reserves drop $462 million to $590.321 billion: RBI

India's forex kitty decreased by USD 462 million to USD 590.321 billion for the week ended November 10, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by USD 4.672 billion to USD 590.783 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 November 10, the foreign currency assets, a major component of the reserves, increased by USD 108 million to USD 522.004 billion, according to the Weekly Statistical Supplement released by Reserve Bank of India. 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 were down by USD 608 million to USD 45.515 billion during the week

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

Forex reserves drop $1.98 bn to $607 bn for week ended July 21: RBI

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

Foreign exchange reserves at $578.45 bn, snaps 2-week rise, shows RBI data

A comfortable level of foreign exchange reserves will further bolster macroeconomic stability, RBI Governor Shaktikanta Das said while announcing the bank's monetary policy decision on Thursday.

Rupee falls 26 paise to 81.68 against dollar amid rise in forex outflows

Early gains in domestic equity markets and a weak dollar against world currencies, however, restricted the rupee's losses

RBI net bought US dollars for first time in five months in November

The RBI purchased US dollars worth $22.28 billion and sold US dollars worth $17.92 billion in November, data in the central bank's January 2023 Bulletin showed

Top Headlines: India's GDP may grow 7% in FY23, forex reserves up by $44 mn

Business Standard brings you the top headlines at this hour

RBI's forex reserves rise for fifth straight week to $564.07 billion

According to analysts, the increase in the RBI's reserves is owing to revaluation as well as the central bank's purchases of the greenback as it looks to replenish the reserves

India's forex reserves down again; fall $1.1 billion to $529.99 billion

The latest decline in the reserves was primarily on account of a fall in the RBI's gold reserves, which fell by $705 million to 37.06 billion

Is India's external account becoming vulnerable?

Rising global commodity prices have widened India's current account deficit to 2.8% of GDP in Q1. But RBI Governor says, forex reserves compared favourably with most peer economies. Here's more

India FX reserves set to shrink further, stir memories of 2008 crisis: Poll

Those reserves are forecast to fall another $23 bn to $523 bn by the end of this year, according to the median forecast from a Sept. 26-27 Reuters poll of 16 economists

'India has fairly large forex reserve to deal with current situation'

Economic affairs secretary Ajay Seth on Tuesday dismissed the concerns over depletion of forex reserve as "overblown" and said India has fairly large reserve to tide over the current situation. Foreign exchange reserves were down for a seventh continuous week, dropping to USD 545.65 billion on September 16. The reserves, which have been dipping as the central bank deploys the kitty to defend the currency amid a pressure caused majorly by global developments, had declined by USD 2.23 billion to USD 550.87 billion in the previous week. "There has been a depletion as inflows have come down and trade deficit is higher...I don't see this as a concern, India has fairly large reserves to tide over this situation," Seth said. After hitting a record low at 81.67 against dollar on Monday, the rupee recovered on Tuesday and closed at 81.58 against the greenback. Finance minister Nirmala Sitharaman on Monday had said "due to the strength of our microeconomic fundamentals, rupee is holding out

Rupee breaches 81 vs USD before RBI steps in; FX reserves at near 2-yr low

So far in 2022, the local currency has depreciated 8.2 per cent versus the greenback

Forex reserves fall $8.062 bn to $580.252 bn in week ended July 8: RBI data

During the reporting week ended July 8, the decrease in the reserves was on account of a fall in the Foreign Currency Assets, a major component of the overall reserves, and in gold reserves, RBI said.