Page 4 - Forex

Forex reserves recover after a year of decline, RBI adds $58 bn this fiscal

The total reserves in the recent week increased due to the $4.6 billion rise in foreign currency assets

Reserve Bank explores stringent measures to combat illegal forex trading

The RBI has compiled an alert list comprising 75 entities, including unauthorised platforms and websites involved in unauthorised forex transactions

India's exports resilient to global demand and exchange rates: CEA

According to the advisor, India's foreign trade has 'boomed' due to reforms that happened over the past few decades

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

Foreign exchange earnings reaching pre-pandemic levels

Forex reserves surpass $600-billion mark after nearly four months

India's foreign exchange reserves increased to USD 604 billion as on December 1, surpassing the USD 600 billion mark after a gap of about four months. The forex reserves were last above the USD 600 billion mark on August 11 this year. "India's foreign exchange reserves stood at USD 604 billion as on December 1, 2023. We remain confident of meeting our external financing requirements comfortably," Reserve Bank Governor Shaktikanta Das said, while unveiling the December bi-monthly monetary policy on Friday. The reserves were USD 597.935 billion in the preceding week ended November 24. In October 2021, the country's foreign exchange kitty had reached an all-time high of USD 642 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year. The governor further said the Indian rupee has exhibited low volatility compared to emerging market economy (EME) peers in the calendar year 2023,

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

Edtech major Byju's faces ED heat for Rs 9.4k crore 'forex violation'

Legal proceedings against the edtech firm have begun

Rupee hits fresh closing low of 83.35/$ despite dollar index dip

The 10-year benchmark yield settled at 7.22 per cent on Friday

Forex trade impacted by platform outage; RBI asks for root cause analysis

Trading in the forex market was impacted on Friday as one of the platforms suffered an outage. One of the electronic trading platforms suffered an outage around midday during the trading hours due to which players were unable to log into the system, according to sources. Orders dried up as a result of this, they said, adding that this created a heightened uncertainty in the forex market, causing excess volatility in the Indian rupee, which was avoidable. According to market participants, the Rupee, which has been range-bound around 83.30 to the dollar for many weeks lost some ground as a result of the volatility, depreciating till 83.50 intra-day before closing at 83.34 at the end of the trading session. A source said the Reserve Bank of India has asked the platform to undertake a "root cause analysis" and "ascertain whether it was a system failure or human error that led to the disruption" on the platform. The RBI has also sought an explanation from the platform to understand the

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

Large banks preparing for maturity of RBI's $5 billion forex swap

The $5 billion dollar/rupee swap that the Reserve Bank of India undertook in April 2022 will mature on Monday, meaning $5 billion can potentially be taken out of the banking system

Bring back 80% of FX revenues, sell most of that: Russia tells exporters

President Vladimir Putin signed a decree this week mandating the reintroduction of capital controls for an undisclosed list of 43 exporting firms

Forex reserves further drop by $2.17 billion to $584.74 billion: RBI

The country's forex reserves dropped by a further USD 2.166 billion to USD 584.742 billion for the week ended October 6, the RBI said on Friday. India's forex kitty had gone down by USD 3.794 billion to USD 586.908 billion in the previous week. 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 October 6, the foreign currency assets, a major component of the reserves, decreased by USD 707 million to USD 519.529 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 down by a sharp USD 1.425 billion to USD 42.306 billion, the

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

Euro gains, yen struggles in central bank announcement-packed week

The excess cash dulls the impact of the ECB's rate hikes by reducing competition for deposits and results in hefty interest payments - and ensuing losses - by some central banks

RBI bought net $3.47 billion in spot foreign exchange market in July

The RBI said it purchased $5.32 billion and sold $1.84 billion in July. In June, the central bank had bought a net of $4.50 billion in the spot market

High processing fees hindering growth of e-commerce exports: GTRI report

Banking issues like reluctance to process forex received through alternate channels and high processing fees are hindering the growth of e-commerce exports from India, and there is a need to bring mindset change to unlock the sector's potential, a report by think tank GTRI said on Monday. Unlocking India's e-commerce export potential to USD 350 billion by 2030 requires addressing banking issues that hinder growth and increase operational costs, the Global Trade Research Initiative (GTRI) said. "To initiate change, both the RBI and banks must shift their mindset towards treating small-value exports differently from larger ones. This shift is essential to prevent misuse while streamlining processes. Without this fundamental change, any reforms attempted by the RBI and banks will fall short," it said. Small e-commerce businesses often face challenges because banks are not equipped to handle low-value transactions efficiently, it added. The key issues include reluctance to process fore

IT companies' forex revenue exceeds earnings of other manufacturers in FY23

According to data, the combined forex revenue of listed IT companies grew by 20.7 per cent to reach Rs 5.14 trillion in FY23

India Inc continues to remain heavily import-dependent for inputs

Growth in forex revenue continues to lag increase in forex expenses

Thomas Cook India, NPCI to launch RuPay prepaid forex card for Indians

Travel and forex services company Thomas Cook (India) on Thursday said it has partnered with National Payments Corporation of India (NPCI) to launch a RuPay prepaid forex card for Indians travelling to the UAE as a pilot. "We are bullish about our forex card business and I am delighted to partner with NPCI for the upcoming launch of our pioneering RuPay prepaid forex card. "This unique Made in India initiative will go live with UAE as the pilot destination, followed by a phase wise global rollout," Thomas Cook (India) Managing Director and Chief Executive Officer Mahesh Iyer said in a statement. Thomas Cook RuPay card will be offering many benefits, including Thomas Cook travel vouchers worth Rs 13,900, lounge access at International Airports in India, free ATM withdrawal, free replacement on loss of card, complimentary insurance cover and more, he added. NPCI said, "We extend gratitude to our partners, Thomas Cook and Card91, for their collaborative efforts in crafting and develop