Page 8 - Foreign Exchange
Remitting money? Use lock-in facility to get best forex rate, say experts
Take into account transaction fee, conversion fee, and exchange-rate mark-up when comparing players' costs
 "Remitting money? Use lock-in facility to get best forex rate, say experts")
Overseas investors' concerns remain as shift to T+1 settlement cycle nears
Issues around on trade confirmation day, forex booking, pre-funding yet to be fully settled
 "Overseas investors' concerns remain as shift to T+1 settlement cycle nears")
Flow of money into NRI deposits moderates to $3.23 bn in FY22: RBI data
Outstanding deposits have also gone down to $139.02 billion at the end of March 2022. This compares to $141.89 billion a year ago, according to Reserve Bank of India (RBI) data.
 "Flow of money into NRI deposits moderates to $3.23 bn in FY22: RBI data")
Rupee rebounds from all-time low; rises 19 paise to 77.31 against US dollar
At the interbank foreign exchange, the rupee opened at 77.35 against the American dollar, then gained further ground to quote at 77.31, registering a rise of 19 paise from the last close
 "Rupee rebounds from all-time low; rises 19 paise to 77.31 against US dollar")
Sri Lanka: Former President Maithripala Srisena calls for fresh elections
The former president added that he could not stay at home when the people were in a state of distress with thousands of problems in the country
 "Sri Lanka: Former President Maithripala Srisena calls for fresh elections")
Forex reserves down $3.271 bn to $600.423 bn, says RBI data
In the previous week, the reserves had declined by USD 311 million to USD 603.694 billion
EV adoption likely to stem foreign exchange outgo on oil imports
The imported cost for manufacturing an electric car is very high compared to a ICE-powered model.
 "EV adoption likely to stem foreign exchange outgo on oil imports")
India's foreign exchange reserves down $311 million to $603.7 billion
In the previous week ended April 8, the reserves had declined by USD 2.471 billion to stand at USD 604.004 billion.
 "India's foreign exchange reserves down $311 million to $603.7 billion")
Rupee declines 24 paise to 76.43 against US dollar in early trade
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.18 per cent to 100.67
 "Rupee declines 24 paise to 76.43 against US dollar in early trade")
Afghanistan receives $32million in humanitarian cash assistance
The DAB also announced the auctioning of $13 million on Monday to inject foreign currency into the local market and stabilise afghani, the country's national currency, Xinhua news agency reported
 "Afghanistan receives $32million in humanitarian cash assistance")
MakeMyTrip's fintech arm TripMoney buys majority stake in BookMyForex
MakeMyTrip's fintech arm TripMoney on Tuesday said it has acquired a majority stake in online foreign currency exchange services provider BookMyForex to become a one-stop solution for all forex need
 "MakeMyTrip's fintech arm TripMoney buys majority stake in BookMyForex")
US Dollar reaches over 300 against Sri Lankan rupee for first time
Sri Lankan banks on Tuesday said US dollar reached over 300 against the country's rupee, LKR, for the first time, as the nation is facing a severe economic crisis with the shortage of foreign exchange
 "US Dollar reaches over 300 against Sri Lankan rupee for first time")
Centre asked to see PIL seeking uniform banking code for forex transactions
The Delhi High Court on Tuesday asked the Centre to seriously look into the issue raised in a PIL seeking implementation of a Uniform Banking Code for foreign exchange transactions
 "Centre asked to see PIL seeking uniform banking code for forex transactions")
40,000 MT diesel from India reaches crisis-hit Sri Lanka amid power crisis
Sri Lanka is facing an unprecedented economic and energy crisis caused due to shortage of foreign exchange
 "40,000 MT diesel from India reaches crisis-hit Sri Lanka amid power crisis")
Japan to revise forex law to end crypto loophole for sanctions on Russia
Japan will revise its foreign exchange law to prevent Russia from evading Western financial sanctions following Moscow's invasion of Ukraine through cryptocurrency assets, government officials said
 "Japan to revise forex law to end crypto loophole for sanctions on Russia")
Lankan papers run out of newsprint due to forex crisis; suspend publication
Sri Lanka is facing its all-time worst foreign exchange crisis after the pandemic hit the nation's earnings from tourism and remittances
 "Lankan papers run out of newsprint due to forex crisis; suspend publication")
RBI likely to adopt hands-off approach in foreign exchange market
The RBI continued to be a net buyer of $36.6 billion in this fiscal year - between April and January. In 2020-21, it purchased $68 billion on a net basis.
 "RBI likely to adopt hands-off approach in foreign exchange market")
Central Bank of Russia limits foreign cash withdrawals until Sept 9
The Central Bank of Russia (CBR) on Wednesday said it is imposing a USD 10,000 limit on foreign cash withdrawals from foreign currency accounts by clients until September 9
 "Central Bank of Russia limits foreign cash withdrawals until Sept 9")
European currencies hammered, dollar rallies as Russia invades Ukraine
The euro fell as much as 1.2% to $1.1164, the lowest level since Jan. 31
 "European currencies hammered, dollar rallies as Russia invades Ukraine")
Foreign exchange hedging cost rises after RBI dollar-rupee swap plan
One-year dollar-rupee forward premia closes at 4.19%
 "Foreign exchange hedging cost rises after RBI dollar-rupee swap plan")
