Foreign Exchange

India's coal import dropped by 8.4 per cent to 183.42 million tonnes in the April-December period of the current fiscal, resulting in foreign exchange savings of around Rs 42,315 crore. The country's coal import was 200.19 MT in the corresponding period of the previous fiscal. "Coal imports...during April to December 2024 fell by 8.4 per cent, totalling 183.42 million tonnes (MT), compared to 200.19 MT in the same period of the previous fiscal year. This reduction resulted in foreign exchange savings of approximately USD 5.43 billion (Rs 42,315 crore)," the coal ministry said in a statement. The non-regulated sector, excluding the power sector, experienced a more significant decline, with imports dropping by 12.01 per cent year-on-year. Although coal-based power generation grew by 3.53 per cent from April to December 2024 over the previous year, imports for blending by thermal power plants decreased by 29.8 per cent. The government has implemented several initiatives, including ..

RBI's recent swap of $10 billion has calmed market participants' frayed nerves

The rupee opened six paise weaker against the greenback, tracking the rise in the dollar index

REER moderates to 104.82 in January

Profit before interest, depreciation, and tax (PBIDT) for the company was flat at Rs 3,723 crore on a year-on-year (Y-o-Y) basis

Rupee appreciated 18 paise to 86.26 against the US dollar in morning trade on Friday, supported by positive domestic equities and soft American currency index. Forex traders said weak crude oil prices and positive domestic markets supported the local unit, while sustained foreign fund outflows weighed on the local unit. Traders further noted that the upcoming Union Budget will play a crucial role in shaping market sentiment and the rupee's trajectory. At the interbank foreign exchange, the rupee opened at 86.31 and touched 86.26 against the US dollar, registering a rise of 18 paise from its previous close. The local unit also touched 86.33 against the US dollar initial trade. On Thursday, the rupee declined 9 paise to settle at 86.44 against the US dollar. The rupee has shown signs of resilience, appreciating over the past two trading sessions due to a weakening dollar. Moreover, on a positive note, upcoming inflows from fundraising activities by IREDA of USD 570 million are expec

Forward book dollar deficit ballooned to $58.9 bn

Ethanol Blended Petrol (EBP) programme 2.0 is essential because the International Energy Agency forecasts India to be the biggest contributor to global oil demand in the years ahead

The rupee dropped 9 paise to 85.61 against the US dollar in early trade on Tuesday, weighed down by significant strengthening of the American currency in the overseas market and a muted trend in domestic equities. Forex traders said the rupee has been under continued pressure amid the Federal Reserve's cautious stance and the "Trump factor" driving up the dollar index (DXY) and US 10-year yields. Additionally, on the domestic front, slowing growth, widening trade deficit, and persistent foreign fund outflows have further fueled the rupee's depreciation. At the interbank foreign exchange, the rupee opened on a weak note at 85.54 then fell further to 85.61 against the American currency, registering a fall of 9 paise over its previous close, on month-end dollar demand from importers and oil marketing companies. On Monday, the rupee dropped 4 paise to 85.52 against the US dollar. According to Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, th

He introduced a dual exchange rate mechanism in February 1992 and unified exchange rate mechanism in February 1993, effectively engineering a further devaluation of about 30 per cent

India's foreign exchange reserves have declined by $50 billion this quarter as of December 13, according to the latest RBI data

As many as 438 infrastructure projects with a total cost of Rs 150 crore or above have shown a 62 per cent cost overrun amounting to Rs 5.18 lakh crore, Parliament was informed on Monday. According to a written reply to the Rajya Sabha by Minister of State for Statistics & Programme Implementation Rao Inderjit Singh, the original total cost of these 438 projects increased to Rs 13.56 lakh crore from Rs 8.38 lakh crore. As on November 1, 2024, a total of 438 of 1,747 projects on the monitor of the ministry reported cost overrun of Rs 5.18 lakh crore, registering an increase of 61.82 per cent, according to the data shared by the minister showed. As reported by the project implementing agencies, the main reasons for the increase in cost of the projects are under-estimation of original cost, changes in rates of foreign exchange and statutory duties, spiralling land acquisition costs and shortage of skilled manpower/labour, the Minister said. Other reasons affecting the original cost ..

India's forex reserves dropped by USD 3.235 billion to USD 654.857 billion for the week ended December 6, the RBI said on Friday. In the previous reporting week, the reserves had increased by USD 1.51 billion to USD 658.091 billion, ending a multi-week decline in the overall kitty. The forex reserves had increased to an all-time high of USD 704.885 billion in end-September. For the week ended December 6, foreign currency assets, a major component of the reserves, decreased by USD 3.228 billion to USD 565.623 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 by USD 43 million to USD 66.936 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 25 million to USD 18.031 billion, the apex bank said. India's reserve position with the IMF was also

India's forex reserves increased by USD 1.51 billion to USD 658.091 billion for the week ended November 29, the RBI said on Friday. The overall reserves had dropped by USD 1.31 billion to USD 656.582 billion in the previous reporting week. The kitty has witnessed a declining trend in the recent past and had dropped by a record USD 17.761 billion in the week prior to the last. The forex reserves had increased to an all-time high of USD 704.885 billion in end-September. For the week ended November 29, foreign currency assets, a major component of the reserves, increased by USD 2.061 billion to USD 568.852 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 by USD 595 billion to USD 66.979 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 22

The previous highest weekly fall in foreign exchange reserves was $15.5 billion, recorded for the week ended October 24, 2008, during the global financial crisis

Latest RBI data showed, India's foreign exchange reserves surpassed the $700 billion mark

Reserves rose by $12.58 billion, marking the fifth-highest weekly increase

India is only the fourth economy in the world to cross $700 billion in reserves after China, Japan, and Switzerland

The previous record of $689 billion was hit in the week ended September 13. The total reserves rose on the back of an increase in foreign currency assets which rose by $2.05 billion during the week

As well as July retail sales, there is data on industrial output and housing starts, along with several surveys on regional manufacturing and consumer sentiment