Page 4 - Foreign Exchange

India's forex reserves jump by $4.03 billion to $598.89 billion: RBI data

India's forex reserves jumped by USD 4.039 billion to USD 598.897 billion for the week ended September 1, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by USD 30 million to USD 594.858 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 September 1, the foreign currency assets, a major component of the reserves, increased by USD 3.442 billion to USD 530.691 billion, according to the Weekly Statistical Supplement released by the 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. Gold reserves were up by USD 584 million to USD 44.939 billion, the RBI ..

Faced with forex crunch, Pakistan looks up to Iran for life-saving drugs

Banking on what Pakistan described as longstanding and time-tested close fraternal relations with Iran, cash-strapped Pakistan is looking forward to Tehran's help to tide over the unprecedented medicine shortage, including that of life-saving drugs. For more than six months now, Pakistan has faced a severe shortage of life-saving drugs amid a crippled healthcare system due to a lack of Forex reserves, which in turn, has hampered the country's capacity to import both the medicines and the raw material used for local drug manufacturing. It was decided at a meeting between Pakistan's Minister for National Health Services (NHS) Dr Nadeem Jan and Iranian Ambassador to Pakistan Reza Amiri-Moghaddam here on Tuesday that Pakistan's drug regulatory authority will work out a comprehensive strategy on a fast-track basis with its Iranian counterpart to ensure uninterrupted supply of life-saving drugs. Pakistan's leading daily Dawn reported that the Iranian Ambassador had called on the Pakistani

Foreign exchange reserves remain largely flat at $594.86 bn as of Aug 25

Forex reserves fell by a marginal $30 million for the week, compared to a $7.27 billion drop in the week ended Aug. 18, the data showed

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

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

Foreign exchange reserves up $700 mn to $602 bn, snap 3-week losing streak

The changes in foreign currency assets, expressed in dollar terms, include the effects of appreciation or depreciation of other currencies held in the Reserve Bank of India's (RBI) reserves

Rupee recovers from its all-time low to 83.02 against US dollar on Friday

The rupee recovered from its all-time low levels and appreciated by 7 paise to 83.02 against the US dollar in early trade on Friday as the American currency retracted from its elevated levels. However, a muted trend in domestic equities, foreign fund outflows and rising crude oil prices weighed on the domestic unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 83.03, then touched a high of 83.02 against the American currency, registering a rise of 7 paise over its last close. In initial trade the rupee also touched a low of 83.09 against the American currency. On Thursday, the rupee settled for the day lower by 1 paisa at a fresh all-time low of 83.09 against the US dollar. Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets and firm US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.26 per cent to 103.30. Brent crude futures, the globa

India's foreign exchange reserves fall for the third consecutive week

The fall in the reserves for the third straight week was mainly on account of a drop in the foreign currency assets, which declined $1.9 billion to $533 billion in the previous week

Indian footwear, leather industry major foreign exchange earner: Goyal

Union Minister of Commerce and Industry Piyush Goyal said that the Indian Footwear and Leather industry is not only a major foreign exchange earner but being a labour-intensive sector, it also provides employment to approximately 4.5 million people, 40 per cent of whom are women. While addressing as a Chief Guest at India International Footwear Fair 2023 (IIFF) at New Delhi on Saturday, Commerce and Industry Minister said that India has the capacity to become world's largest and best quality footwear manufacturer.The Minister said, "India is the 2nd largest exporter of leather garments, 3rd largest exporter of Saddlery and Harness and 4th largest exporter of Leather Goods in the world." Piyush Goyal highlighted that more than 95 per cent of the production units in this sector are Ministry of Micro, Small & Medium Enterprises (MSME) units.Piyush Goyal said, "Indian Size of footwear will be launched soon to help distinguish Indian Footwear around the globe and reduce dependence on

Indian firms can go for listing on foreign exchanges, IFSC: Sitharaman

Finance minister Nirmala Sitharaman on Friday said Indian companies can now go in for direct listing on foreign exchanges as well as on the International Financial Services Centre (IFSC) bourse in Ahmedabad. The nod, which came after three years of announcement as part of the Covid relief package, will enable domestic companies to access foreign funds by listing their shares on various exchanges overseas. A proposal regarding this was first floated as part of the liquidity package announced during the pandemic in May 2020. "A direct listing of securities by domestic companies will now be permissible in foreign jurisdictions. I'm also pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchange. So, this is a major step forward. This will facilitate access to global capital and better valuation, Sitharmanan said here. The minister was speaking at an event to launch AMC Repo Clearing and a corporate debt ..

India's forex reserves top $600 billion, rise to near 15-month high

They rose by $12.74 billion from the week earlier - the biggest gain in four months - having risen by a total of $3.08 billion in the prior two weeks

Foreign exchange reserves surge by $2.34 billion to $596 billion: RBI data

The reserve rose mainly on account of a rise in the RBI's foreign currency assets, which rose by 2.57 billion to $527.65 billion in the previous week

India's fiscal deficit target of 5.9% for FY24 at risk, warns Nomura

A notable increase in RBI's income, which was driven by profits from foreign exchange sales amounting to Rs 1 trillion, reflects active intervention in the foreign exchange market

The de-dollarisation debate

There are reasons to be bearish on the greenback, but it is unlikely to lose the reserve currency status

RBI grants AU Small Finance Bank permission to deal with foreign exchange

AU Small Finance Bank on Wednesday said it has received permission from Reserve Bank of India to deal in foreign exchange. Reserve Bank of India vide its letter dated April 19, 2023 has granted Licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange, AU Small Finance Bank said in a regulatory filing. The permission is subject to compliance of applicable regulations, it said. Recently, RBI approved re-appointment of Sanjay Agarwal as managing director and CEO of AU Small Finance Bank for a period of three years. The re-appointment is valid with effect from April 19 till April 18, 2026, AU Small Finance Bank said in a statement. Besides, it said the regulator has also cleared the re-appointment of Uttam Tibrewal as the whole-time director for a period of three years.

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

ED files FEMA case against BBC India for foreign exchange violations

The probe is essentially looking at purported foreign direct investment (FDI) violations by the BBC India, sources said

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

RBI sells net $384 million in spot foreign exchange market in January

The Reserve Bank of India sold net $384 million in the spot foreign exchange market in January, the central bank's monthly bulletin showed on Tuesday

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

No contagion seen on Indian bonds, forex from SVB collapse: DBS Bank

"The dollar index is not stretching as the typical risk-off scenario. Unless commercial activity drops across the world, which does not seem to be the case, we may not see any major impact"