Page 3 - Forex

BookMyForex launches foreign exchange app with instant forex card top-up

BookMyForex, online retail foreign exchange platform, on Monday launched its latest app version with feature of instant reloads on the BookMyForex True Zero Markup Card that enables users to digitally top-up their card in real time. In addition to instant reload feature, the app provides a streamlined and hassle-free order booking and order management experience through its intuitive interface along with card management features, the company said in a statement. BookMyForex.com CEO Sudarshan Motwani said, "Running out of funds while abroad is stressful and relying on credit cards exacerbates the issue with exorbitant conversion charges, and often restrictive credit limits. Our instant reload feature address these concerns and offering unparalleled peace of mind to travellers." The forex card can be purchased without the need to open a bank account and the cards are delivered on the same day of order, he said. With digital reloads in real-time, travellers can enjoy uninterrupted acc

Forex reserves jump $2.98 billion to new peak of $648.562 billion: RBI

India's forex reserves jumped by USD 2.98 billion to a fresh peak of USD 648.562 billion for the week ended April 5, the RBI said on Friday. In the previous reporting week, the forex kitty had increased by USD 2.951 billion to USD 645.583 billion, which was an all-time high. In September 2021, the country's forex kitty reached an all-time high of USD 642.453 billion, a level that was breached in March this year. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global events, but there has been a steady accretion over the past few months. For the week ended April 5, the foreign currency assets, a major component of the reserves, increased by USD 549 million to USD 571.166 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 reserve

Forex derivatives fiasco puts spotlight on regulatory risk in India

Zerodha Broking Ltd. warned its clients to close open positions and cautioned about liquidity drying up

India's forex kitty jumps $2.9 billion to new high of $645.6 billion

Das says confident of meeting external financing requirements

Forex derivatives volumes to plummet 80% on mandatory exposure rule

The rule, which comes into effect from April 5, was reiterated by exchanges on Monday following concerns raised by brokers about its impact on volumes

Consultants urge govt to allow deals involving foreign currencies via RBI

Consultants and service providers have urged the government to stop routing domestic deals involving foreign currencies like dollars via the US banking system to avoid transaction fees and save foreign currency. Intercontinental Consultants and Technocrats (ICT) chairman K K Kapila said at present a transaction fee is levied on US dollar transactions within the country. Citing an example, Kapila said payment in USD from Delhi to even nearby Faridabad from one entity to the other in the current dispensation is required to be undertaken through the US banking system. "This should be undertaken directly through the Reserve Bank of India and there should be no requirement of routing them through the American Banking system," he said. Kapila pointed out that a small country like the Philippines does not route its internal foreign exchange transactions through the United States. India can also do the same, he added.

Statsguru: Six charts show rising India's foreign exchange reserves

Due to increased capital flows, India accumulated over $100 billion worth of reserves during the pandemic

RBI's likely intervention in forex market helps rupee to avoid a new low

According to RBI data, India's foreign exchange reserves were at $642.49 billion as of March 15, 2024

India's forex kitty rises by $6.40 billion to $642.50 billion: RBI data

India's forex reserves increased by USD 6.396 billion to USD 642.492 billion for the week ended March 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 10.47 billion to USD 636.095 billion. 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 March 15, the foreign currency assets, a major component of the reserves, increased by USD 6.034 billion to USD 568.386 billion, the data 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 by USD 425 million to USD 51.14 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 65

India's forex kitty expands $10.47 billion to $636.095 billion: RBI data

India's forex kitty jumped by USD 10.47 billion to USD 636.095 billion for the week ended March 8, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 6.55 billion to USD 625.626 billion. 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 March 8, the foreign currency assets, a major component of the reserves, increased by USD 8.121 billion to USD 562.352 billion, the Reserve Bank of India (RBI) said. 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 by USD 2.299 billion to USD 50.716 billion during the week, the RBI said. The Special Drawing Rights (SDRs) wer

Foreign exchange reserves rise by $2.9 billion to $619 billion: RBI data

The rupee appreciated by 0.1 per cent against the US Dollar in the week on the back of foreign inflows

Forex reserves jump by $2.975 billion to $619 billion, shows govt data

India's forex reserves jumped by USD 2.975 billion to USD 619.072 billion for the week ended February 23, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by USD 1.132 billion to USD 616.097 billion. For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by USD 2.405 billion to USD 548.188 billion. 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 by USD 472 million to USD 47.848 088 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 89 million to USD 18.197 billion, the apex bank said. India's reserve position with the IMF was up by USD 9 million to USD 4.839 billion in the reporting week, the apex bank data showed. India's forex reserves hit an all-time high of USD 645 billion in

1-yr dollar/rupee fwd premia hit 11-week low as US rate cut seen delayed

RBI likely to take delivery of the dollar-rupee sell buy swap on March 11

Sebi grants relief to investor Shankar Sharma, 4 others in Brightcom case

In the confirmatory order issued on Wednesday, the market watchdog revoked the bar on Sharma from selling his stake in the company after he submitted details of the transactions

RBI net bought $2.07 billion in spot foreign exchange market in December

The RBI said it purchased $31.73 billion and sold $29.66 billion in the spot market. In November, it had sold a net $1.93 billion

ED has not yet found forex breaches at Paytm Payments Bank: Report

Last week, India's Enforcement Directorate announced the investigation into overseas transactions by Paytm Payments Bank, a unit of One 97 Communications, popularly known as Paytm

Rupee settles on flat note at 82.96 after RBI monetary policy decision

The rupee settled on a flat note at 82.96 (provisional) against the US dollar on Thursday, after the Reserve Bank decided to keep the key policy rate unchanged for the sixth time in a row to maintain a tight vigil on inflation. Forex traders said a negative trend in domestic equities weighed on investor sentiments. At the interbank foreign exchange, the rupee opened at 82.94 against the dollar and moved in a narrow range and settled for the day at 82.96 against the American currency, as the central bank retained the repo rate at 6.5 pc for the sixth consecutive time. During the day, the rupee touched an intraday high of 82.89 and a low of 83 against the US dollar. On Wednesday, the rupee appreciated 9 paise to close at 82.96 against the dollar. The Indian rupee remained flat as RBI maintained status quo in its monetary policy for the sixth consecutive time and left Repo Rate unchanged at 6.5 per cent, in line with street expectations. The central bank revised FY24 GDP projections

SBI ties up with Flywire to make payments easier for foreign students

Country's largest lender SBI on Tuesday tied up with Flywire for easing payments for Indian students studying abroad. A seamless and fully digital payment experience will be given to students, which is better than the existing complex process, an official statement said. Under the partnership, Flywire's technology will be integrated directly into the bank's platform, offering Indian students an advanced digital checkout experience for their international educational payments.

Rupee ends weaker on dollar demand from oil firms, higher US bond yields

The rupee ended at 83.0550 against the U.S. dollar, lower by 0.17% compared to its close of 82.9175 in the previous session

Indian firms took on larger forex risk in 2023 counting on RBI support

"For us, the drop (in forward hedging) has been bigger, more in the vicinity of 20% to 25%," a senior FX salesperson at a private bank said