Foreign Exchange Reserve

Forex reserves drop $1.31 bn to $656.5 bn as of November 22, says RBI

India's forex reserves dropped USD 1.31 billion to USD 656.582 billion for the week ended November 22, the Reserve Bank of India (RBI) said. The kitty had dropped a record USD 17.761 billion to USD 657.892 billion in the previous reporting week ending November 15. The reserves, which had hit an all-time high of USD 704.885 billion in end-September, have been declining for multiple weeks, at a time when the rupee has also been under pressure. For the week ended November 22, foreign currency assets -- a major component of the reserves -- decreased USD 3.043 billion to USD 566.791 billion, the data, which was 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 1.828 billion to USD 67.573 billion during the week, the RBI said. The special drawing rights (SDRs) were down USD 79 million to USD

Forex reserves log sharpest weekly drop; fall $17.76 bn to hit 4-month low

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

Forex reserves slide for fifth week to more than 2-month low at $682 bn

Changes in foreign currency assets are caused by the central bank's intervention in the forex market as well as the appreciation or depreciation of foreign assets held in the reserves

Foreign exchange reserves hit fresh high, inch closer to $700 billion

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

Govt to allow 35% bio-bitumen mixing, saving Rs 10,000 cr in forex outflows

Union Road Transport Minister Nitin Gadkari on Wednesday said the government will allow mixing of lignin up to 35 per cent in petroleum-based bitumen, a large part of which is imported from other countries. Bitumen is a black substance produced through the distillation of crude oil and is widely used for making roads and roofs. "We have the largest road network in the world. 90 per cent of roads are using bituminous layers. Bitumen consumption in 2023-24 was 88 lakh tonnes. In 2024-25 it is expected to be 100 lakh tonnes. 50 per cent of the bitumen is imported. And annual import cost is Rs 25,000-30,000 crore," Gadkari said while replying to questions in Rajya Sabha. The minister said the farmers are now not only producing foodgrains but they have become energy producers. Central Road Research Institute (CRRI) and the Indian Institute of Petroleum, Dehradun, had developed bio-bitumen from paddy straw. The minister expressed concern that there is a problem of air pollution in Delhi

Rupee up 5 paise from all-time low to 83.65 against dollar in early trade

The rupee recovered from its all-time low level and appreciated by 5 paise to 83.65 against the US dollar in early trade on Monday, as the American currency retreated from its elevated level. Forex traders said foreign fund inflows and possible intervention by the Reserve Bank of India (RBI) supported the rupee at lower levels and restricted the downfall. At the interbank foreign exchange market, the local unit opened at 83.66, and touched an early high of 83.65, registering a gain of 5 paise from its previous close. On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 against the US dollar. "A weakening dollar -- prompted by shifts in the macroeconomic landscape and emerging cracks in US economic data -- caused the dollar index to dip to 104. This scenario saw emerging market currencies rising against the dollar," CR Forex Advisors MD Amit Pabari said. However, despite these rupee-supporting factors, the Indian currency hasn't appreciated significantly,

What are Japan's tactics based on latest suspected forex intervention?

The yen had languished at 38-year lows past 160 per dollar before the suspected bout of intervention making policymakers increasingly worried

India's foreign exchange reserves hit new record high of $657 billion

Economists said that reserves rose due to a combination of revaluation and inflows. Forex reserves fell by $1.71 billion to $652 billion during the week ended June 28

Forex reserves snaps three-week gaining streak, ease from record high

The reserves fell by $2 billion in that week, after rising by a total of $10.8 billion in the previous three weeks

Rupee appreciates 6 paise to 83.31 against US dollar in early trade

The rupee appreciated by 6 paise to 83.31 against the US dollar on Tuesday amid softening crude oil prices in the international market. Forex traders said, however, the local unit faced some resistance due to subdued sentiment in the domestic equity market and a stronger American currency. At the interbank foreign exchange market, the local unit opened strong at 83.32 and inched up further to trade at 83.31 against the greenback, registering a gain of 6 paise from its previous closing level. On Friday, the rupee had settled 13 paise higher at 83.37 against the US dollar. The forex markets were closed on Monday on account of general elections. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.57, higher by 0.11 per cent. Analysts attributed the strengthening dollar to higher US treasury yields even as the Federal Reserve has indicated that it needs more time to assess the progress on inflation. Brent crude fut

Japan's forex intervention may have cost $23.6 bn, BoJ data shows

Analysts point to the gaping gap between Japanese and U.S. government debt yields as the force behind the yen's slide

ETCD directives don't go well with RBI's stellar reputation

The RBI move goes against the trend of allowing more flexibility and therefore, retrograde

RBI, Bank Indonesia agree to use local currencies for bilateral trade

This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market

Rupee appreciates 4 paise to 83.01 against US dollar in early trade

The rupee rose 4 paise to 83.01 against the US dollar in early trade on Friday, tracking positive cues from domestic equity markets. Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit. At the interbank foreign exchange, the domestic currency opened at 83.03 and inched up to 83.01 against the greenback in initial deals, registering a gain of 4 paise from its previous close. On Thursday, the rupee settled 3 paise lower at 83.05 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.12 per cent up at 104.32. Brent crude futures, the global oil benchmark, were trading 0.07 per cent lower at USD 82.80 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 302.55 points or 0.42 per cent higher at 72,352.93 points. The broader NSE Nifty advanced 95.90 points or 0.44 per cent to 22,006.65 points. Foreign Institutional Investors

Amid volatile oil prices, rupee turns flat at 83.03 against US dollar

The rupee stayed flat at 83.03 against the US dollar in early trade on Tuesday amid volatile crude oil prices in the overseas market. The Indian currency, however, found support from positive sentiment in the domestic equity markets and sustained inflow of foreign funds, forex traders said. They also said investors are expected to move cautiously ahead of the Reserve Bank's monetary policy committee (MPC) meeting. The six-member rate-setting panel of the central bank will begin the deliberation on Tuesday and announce the outcome on Thursday. At the interbank foreign exchange, the rupee opened at 83.03 against the dollar and slipped to 83.04 before retaining the previous day's closing level of 83.03 against the greenback. The rupee settled 5 paise lower at 83.03 against the dollar on Monday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.04 per cent at 104.28. Analysts attributed the higher

Rupee depreciates 4 paise to 83.02 against US dollar in early trade

The rupee depreciated 4 paise to 83.02 against the US dollar in early trade on Monday, tracking a strong American currency and rising crude oil prices in the international market. However, positive cues from the domestic equity markets and inflow of foreign funds supported the Indian currency, forex traders said. Investors will also keep a close watch on the Reserve Bank's monetary policy decision to be announced later this week, they said. At the interbank foreign exchange, the rupee opened at 83.03 against the dollar and touched a low of 83.04 before gaining marginally to trade at 83.02, down 4 paise over its previous close. The rupee settled flat at 82.98 against the dollar on Friday, a day after rising 6 paise on the day of the Union interim budget in which the government hinted at faster fiscal consolidation and lower borrowings in the next fiscal year. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.11 per

Rupee appreciates 9 paise to 82.95 against US dollar ahead of Budget

The rupee appreciated 9 paise to 82.95 against the US dollar in early trade on Thursday as market participants remained cautious ahead of the interim Budget. Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on investor sentiments. At the interbank foreign exchange, the rupee opened at 83.02 against the dollar and then touched a high of 82.95, registering a gain of 9 paise over its previous close. In initial trade, the rupee also touched a low of 83.03 against the American currency. On Wednesday, the rupee appreciated 6 paise to 83.04 against the US dollar. Forex traders said rupee traded in a narrow range and market participants remained cautious ahead of the interim Budget. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.24 per cent higher at 103.52. Brent crude futures, the global oil benchmark, fell

Sri Lanka's key inflation rises to 6.4% in January on higher sales tax

Food prices rose 3.3% in January from 0.3% in December, the Department of Census and Statistics said in a statement. Prices for non-food items rose 7.9% in January from 5.8% year-on-year in December

Rupee expected to weaken as odds of Fed rate cut in March diminish

The rupee's intraday range in the last four sessions has been just 2 to 6 paisa

India's foreign exchange reserves snap a three-week losing streak

Rise by $708 mn to $602 bn in the week ended Aug 11