Page 3 - Foreign Exchange

Rupee depreciates 1 paisa to 83.14 against US dollar in early trade

The rupee fell 1 paisa to 83.14 against the US dollar in early trade on Friday amid heavy selling of equities by Foreign Institutional Investors (FIIs). Forex traders said positive cues from domestic equity markets and lower level of dollar provided support to the Indian currency. At the interbank foreign exchange, the domestic currency opened at 83.15, then slipped to 83.16 before trading at 83.14 against the greenback in morning deals, down 1 paisa from its previous close. On Thursday, the rupee settled 1 paisa higher at 83.13 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.19 per cent lower at 103.12 on Friday. Analysts said the dollar index retreated after the US macroeconomic data reflected steady growth in the country, trimming financial markets' expectations of reducing interest rate by the Federal Reserve. Brent crude futures, the global oil benchmark, declined 0.27 per cent to USD

Reserve Bank of India net sells $1.9 billion in November, shows data

The rupee depreciated by 0.17 per cent in November. The RBI's net outstanding forward sales by the end of November stood at $11.9 billion, against $14.6 billion in October

Rupee depreciates 11 paise to 82.97 against US dollar in early trade

The rupee reversed its nine-day upward movement and depreciated 11 paise to 82.97 against the US dollar in early trade on Tuesday, tracking a strong American currency against major overseas rivals and subdued equity market sentiment. Some inflow of foreign funds supported the Indian currency which was weighed down due to volatile crude oil prices, forex traders said. At the interbank foreign exchange, the domestic currency opened weak at 82.95 and slipped further to 82.97 against the greenback in initial trade, registering a loss of 11 paise from its previous close. On Monday, the rupee settled with a gain of 9 paise at 82.86 against the US dollar. This was ninth consecutive day of gain for the Indian currency. In the last nine trading sessions, the local unit added 46 paise since the level of 83.32 against the dollar recorded on January 2. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.31 per cent higher at 102

At $617 bn, India's foreign exchange reserves slip from near 22-month highs

The reserves witnessed the steepest decline in nearly five months, falling $5.9 billion for the reported week, following a cumulative increase of $32.9 billion in the preceding seven weeks

Forex earnings from tourism in India rising despite dip in tourist inflow

Foreign exchange earnings reaching pre-pandemic levels

India's forex reserves rise to near three-month high of $597.94 billion

The reserves rose by $2.5 billion in the reporting week, after rising $5.1 billion in the week before

Rupee closes at new low of 83.39/$; worst performer among Asian currencies

The previous all-time closing low for the rupee was 83.35 a dollar on November 20. The rupee had hit a record low of 83.48 (intraday) against the dollar on November 10

Rupee falls 4 paise against US dollar due to muted domestic trend

Forex traders said a muted trend in domestic equities also weighed on the local unit, while a correction in oil prices provided support to the currency

ED issues notice to Byju's for violation of forex rules, firm denies

The agency has alleged violations by the company worth Rs 9,000 crore ($1.1 billion) under the Foreign Exchange Management Act (FEMA), the television channel reported

India's forex reserves rise by $2.58 bn to $586.11 bn, shows RBI data

Gold reserves were up by USD 499 million to USD 45.923 billion during the week, the RBI said

Govt allows direct overseas listing of firms; notifies under companies law

In a significant move, the government has permitted Indian companies to list on foreign exchanges, subject to certain conditions. The corporate affairs ministry has notified the relevant section under the companies law in this regard. Currently, overseas listings by local listed entities are carried out through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). "In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby appoints the 30th day of October 2023 as the date on which the provisions of section 5 of the said Act shall come into force," the ministry said in a notification on October 30. The rules for direct overseas listing of Indian companies are yet to be notified. Section 5 allows certain classes of public companies to list their securities on permitted stock exchanges in permissible foreign jurisdictions or such other jurisdictions, as may be prescribed.

Strengthening US dollar is a global risk: RBI's state of the economy report

The report said that during the calendar year 2023, India's foreign exchange reserves increased by US$ 22.0 billion, which is the highest among major foreign exchange reserves-holding countries

Turning the tide on oil

India has faltered in locating its oil reserves for decades, but now a path is being paved to facilitate its transition from an oil importer to an exporter

With dollar sales, RBI prevents rupee from hitting all time low: Report

Dealers estimate that state-run banks sold approximately $500 million on behalf of the RBI

Forex pile remains Asia's first defense against relentless US dollar

Focus is shifting to what steps authorities in the region may take after verbal warnings and stronger fixings failed to arrest the downdraft in their currencies

India's foreign exchange reserves fall to 4-month low of $590.70 billion

Over the last few trading sessions, the RBI has been likely selling dollars via public sector banks to prevent the rupee from falling to a record low against the dollar, traders said

Government bond and forex market to remain open on Thursday, Friday

The auction of government-dated securities scheduled on Friday, will now be conducted on Thursday, with settlement on Friday

India's bond index inclusion set to test RBI's liquidity, FX management

"So as and when passive investors encounter tax implications, they will think twice," the report said

RBI can spend $30 bn of forex reserves for defending rupee: Report

The rupee rose by 5 paise to close at 83.06 against the dollar at the end of the day's trade on Thursday

Reserve Bank of India net-purchased $3.5 bn foreign currency in July

The rupee depreciated by 0.3 per cent in July. In June, the RBI had recorded a net purchase of $4.5 billion in the spot market