Amid reports of corporates making losses on hedging forex products other than dollar, the Reserve Bank may soon come out with guidelines on forex derivatives, which is widely expected to discourage banks from trading in foreign currencies other than in rupee-dollar. "We are working on the guidelines of forex derivatives," an RBI spokesperson told PTI.
'There will always be a challenge to maintain a fine balance to ensure that the growth keeps happening and inflation is contained.'
Multi-currency pre-paid cards are a good option while travelling abroad.
Godrej Consumer Products (GCPL) reported 6 per cent year-on-year (Y-o-Y) consolidated net revenue growth in Q4FY24 to Rs 3,385 crore and this was impacted adversely by currency movement. The constant currency (CC) growth would have been 30 per cent Y-o-Y in Q4FY24. India business clocked 12 per cent Y-o-Y revenue growth (5 per cent of it organic) with volume growth of 15 per cent Y-o-Y (7 per cent organic).
The country's foreign exchange reserves surged by $58.38 billion in April-September 2021 to $635.36 billion, says an RBI report released on Wednesday. The forex reserves were at $576.98 billion at end-March 2021. The Reserve Bank of India (RBI) publishes half-yearly reports on management of foreign exchange reserves.
R N Subramanian, manager-foreign exchange, Canara Bank, will be the new chairman of the Forex Association of India for the current financial year 2004-05
During the week, gold reserves decreased by $200 million to $26.709 billion.
Gold reserves were down by $331 million to $37.264 billion.
During the week, gold reserves declined by $443 million to $26.910 billion.
According to Subbarao, the lower your reserves dip, the more vulnerable you become.
The rupee depreciated by 9 paise and settled at its all-time low level of 83.13 against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.
India's gold holding in forex reserves rose to 560.3 tonnes by the end of March 2018.
Gold reserves were down by $580 million in the reporting week to $37.440 billion.
State-run Bank of Baroda and Oriental Bank of Commerce are among those facing scrutiny.
Foreign currency assets, a major component of the forex reserves, dipped by $3.056 billion to $258.51 billion for the week ended May 31, the Reserve Bank.
For the week under review, foreign currency assets, which are the biggest parts of the reserves, increased by $1.642 billion to $410.453 billion.
Indian equity, forex, money and commodity markets will remain closed today on account of Mahashivratri.
Exchange-traded currency derivatives volumes are likely to drop in view of new Reserve Bank of India (RBI) rules, casting a cloud over further participation of retail investors and proprietary traders. There are concerns that existing positions without any underlying exposure will need to be liquidated. Also, weighed down by dollar demand from local oil companies and weakness in its Asian peers, the rupee on Wednesday (April 3) ended at a new closing low of 83.44 versus the US currency.
Forex inflows may slow down and banks may be deprived of cheap funds if the government accepts Reserve Bank of India's suggestion to tax non-resident Indian deposits, bankers warned on Wednesday.
The bank has said rent payments will not earn reward points, and redemption of reward points on various cards have been capped in certain segments.
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
The country's foreign exchange reserves declined by $3.01 billion to $561.05 billion in the week ended August 26, the Reserve Bank of India (RBI) data showed. In the previous week ended August 19, the reserves had dipped by $6.69 billion to $564.05 billion. The fall in the reserves during the reporting week ended August 26 was on account of a dip in the foreign currency assets (FCA), a major component of the overall reserves, and the gold reserves, according to the Weekly Statistical Supplement released by the RBI on Friday.
Clamping down on the delays in repatriating foreign exchange earnings, the Reserve Bank of India (RBI) has tightened norms for special economic zones (SEZs), asking them to realise and bring back full value of goods and services to India within a year from the date of export.
Heightened volatility makes the debt rollovers difficult.
Year 2008 results of India's largest drug maker, Ranbaxy Laboratories, and Wockhardt were also impacted by forex losses. Companies such as Aurobindo and Orchid are also expected to post forex losses, say analysts.
The latest macro-data from India is disquieting
These include Goldman Sachs, HSBC, UBS, Deutsche Bank, Barclays, RBS, Citigroup and JP Morgan and they have said in their respective regulatory filings that they are cooperating with the relevant authorities in the investigations.
In a few hours the Government of India will table the Economic Survey for fiscal 2003-04. Economic Survey is always presented a day before the Annual Budget is announced by the Finance Minister. Take the Rediff Business Quiz and find out how much you
India's foreign exchange reserves swelled by over $2.6 billion to touch $135.65 billion for the week ended February 25.
It is thought that the RBI has been accumulating dollars to fight odds.
Expressing concerns over low returns from over $178 billion forex reserves of India, World Bank has recommended that a part of these funds should be utilised in the high-return infrastructure sector.
The rupee gained 11 paise to 82.68 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. Forex traders said sustained foreign fund outflows weighed on the local unit and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.69 against the dollar and marginally rose to 82.68, registering a rise of 11 paise over its previous close amid a positive trend in domestic equities.
India's forex reserves dropped by $346 million to stand at $228.996 billion for the week ended August 10.
India's forex reserves increased by $1.141 billion to $200.325 billion during the week ended April 6 as against $199.179 billion in the previous week.
Over $2 billion were added to the total reserves in the previous reporting week.
According to Nouveau-Nikolajsen, economic uncertainty and currency fluctuations have led to growth in the global forex market, where the daily turnover is estimated at $4 trillion, three times as much as the rest of the financial markets combined.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances