Page 9 - Forex

Banks revise foreign currency deposit rates in response to RBI's move

SBI, ICICI Bank and IDFC First Bank have raised interest rates on foreign currency non-resident deposits in response to the Reserve Bank's relaxation last week to shore up forex inflows.

Rupee hits record low for a third straight session; touches 79.66 vs dollar

The Indian rupee hit a record low for a third straight session on Wednesday as foreign investors continued to dump riskier assets ahead of US inflation data

RBI measures a step in right direction but forex inflows still seen limited

RBI announced five measures pertaining to the liberalisation of foreign exchange flows into India

Top headlines: RBI tries to shore up rupee; DGCA notice to SpiceJet

Union ministers Mukhtar Abbas Naqvi and R C P Singh submitted their resignations to Prime Minister Narendra Modi on Wednesday, a day before the completion of their Rajya Sabha term, sources said.

RBI liberalises norms to boost forex inflows to shore up rupee

The measures include easing norms for FPI investment in debt market, and increasing the ECB limit under the automatic route from $750 mn or its equivalent per financial year to $1.5 bn

RBI may need to tweak forex strategy, let rupee weaken, say analysts

To control the tumble, the Reserve Bank of India (RBI) has sold dollars in the spot market and simultaneously bought and sold in the forwards market.

India's foreign exchange reserves decline $4.6 billion to $596 billion

RBI has been selling dollars to curb any rapid depreciation of the rupee

Use of 10% ethanol-blended petrol saved over Rs 41,000 cr forex: Minister

Use of 10% ethanol-blended petrol has led to a saving of over Rs 41,000 cr in the foreign exchange for the country, minister of state for environment, forest and climate change Choubey said .

Foreigners pull out of Asian equities for fifth straight month in May

(Reuters) - Asian equities continued to witness foreign outflows for a fifth consecutive month in May, hit by concerns over monetary tightening measures by major central banks and supply chain disruptions due to strict lockdowns in China.

Rupee rises by 4 paise to close at 77.54 against US dollar on stocks rally

The rupee rose further by 4 paise to close at 77.54 against the US dollar on Monday, supported by positive domestic equities and a weak American currency overseas. Forex traders said the rupee consolidated in a narrow range as elevated crude oil prices weighed on the local unit. At the interbank forex market, the rupee opened at 77.53 against the greenback and moved in a range of 77.46 to 77.56 in the day's trade. The rupee finally ended at 77.54, higher by 4 paise over its previous close of 77.58. "Rupee continued to trade in a narrow range and volatility remained low despite gains in domestic equities. Dollar retraced against its major crosses after core PCE index number came in line with estimates," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. "We expect the USD/INR to trade sideways and quote in the range of 77.20 and 77.80," Somaiya added. The week started on a positive note for risk assets as softening of the lockdown in China boosted the

Xiaomi accuses ED of 'physical violence' threats during forex investigation

The company alleges intimidation by India's premier enforcement agency when executives appeared for questioning multiple times in April.

Rupee falls by 23 paise to 76.65 against US dollar in early trade

The rupee declined 23 paise to 76.65 against the US dollar in the opening trade on Monday tracking the strength of the dollar in the overseas market. At the interbank foreign exchange, the rupee opened on a muted note at 76.58 against the American dollar, then fell and touched an early low of 76.65 in initial deals, registering a fall of 23 paise over its previous close. On Friday, The rupee declined by 25 paise to close at 76.42 against the US currency. The rupee opened weaker against the US dollar weighed by hawkish comments from Federal Reserve Chair Jerome Powell last week, said Sriram Iyer, Senior Research Analyst at Reliance Securities. Most Asian and emerging market peers are trading weaker this Monday morning and could weigh on sentiments. Meanwhile, global oil benchmark Brent crude futures fell 2.85 per cent to USD 103.61 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 101.23. On the domestic

Enforcement Directorate raids JSPL premises for 'forex rule violation'

More places to be covered, searches may continue for a day or two: Officials

Crisis-hit Sri Lanka announces debt default due to low forex reserves

Sri Lanka's external debt servicing obligations were thought to be over $6 billion.

Rupee slumps 49 paise to 75.82 against US dollar in early trade

Forex traders said sustained foreign fund outflows, a lacklustre trend in domestic equities and elevated crude oil prices weighed on investor sentiment.

Euro marches higher on news of Russia pullback near Ukraine; yen struggles

After the news of Russian troops near Ukraine returning back to their bases, Euro marches higher on Tuesday, almost wiping out Monday losses, while Yen still struggles.

RBI likely to move Trai, MeitY against unauthorised forex platforms

May seek invocation of clauses in major social media and search engines like FB, Google, etc to disallow adv content that is not compliant with local laws of their target audience

RBI red flags unauthorised forex trading platforms, warns of penalties

Cautions public against undertaking forex deals on unauthorised electronic trading platforms, or remit and deposit money for such transactions

Indian rupee slips 8 paise to 74.91 against US dollar in early trade

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.10 per cent to 96.03.

India's high foreign exchange reserves not enough to shield rupee

A sharp rise in oil import bill has led to a big decline in forex reserves to imports in FY22