The country's foreign exchange reserves declined $897 million to $572.98 billion in the week ended August 5, according to the Reserve Bank of India (RBI). In the previous week ended July 29, the reserves had risen $2.31 billion to $573.87 billion. In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday.
Companies are trying to clean up their balance-sheets and make provisions for forex losses as they think the disclosures will not have a major bearing on their valuations, which are already down.
China's central banker on Monday acknowledged the presence of some speculative funds in the nation's record foreign exchange reserves of nearly $610 billion but asserted that the volume was 'not big.'
Government is also will also enter into an agreement with Japan for a $50 billion swap.
An Enforcement Directorate (ED) investigation into alleged foreign exchange law violations by edtech major Byju's and its CEO and co-founder Raveendran Bjyu is in the final stages of completion following which a show cause notice could be served to them, official sources said Tuesday. The central probe agency had in April searched two business and one residential premises, including that of the registered company of Byju's -- Think & Learn Pvt. Ltd. -- under the provisions of the Foreign Exchange Management Act (FEMA).
Inflows of hot money or short-term funds by way of non-resident Indian deposits are not expected
In the swap auction conducted on April 23, the Reserve Bank had received bids worth $ 18.65 billion against $ 5 billion on offer.
India's foreign exchange reserves surged by a healthy $2.788 billion to $343.2 billion in the week to April 17.
The country's foreign exchange reserves increased by $2.19 billion to $631.95 billion in the week ended February 4, RBI data showed. In the previous week ended January 28, the reserves had declined by $4.53 billion to $629.76 billion. It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
It is looking out for new markets to increase exports.
This facility will be available for cost reduction forex option structures in which the liability of the buyer will not exceed the net premium payable to the bank, RBI said in a notification.
After an extremely stable 2023, the Indian rupee started 2024 on a promising note and has turned out to be the best-performing Asian currency so far in January, appreciating 0.1 per cent despite 2 per cent rise in the dollar index. All other Asian currencies depreciated by around 1.4-4 per cent during the month. The local currency regained its ground against the greenback on the back of foreign portfolio inflows, said market participants.
The country's foreign exchange reserves declined by $678 million to $634.29 billion in the week ended January 21, according to RBI data. In the previous week ended January 14, the reserves had increased by $2.23 billion to $634.96 billion. It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
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RBI's forex swap window for oil marketing companies addresses an urgent issue but what happens when the dollars have to be returned?
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
Foreign currency assets, which are a major component of the overall reserves, rose by $646.4 million to $386.762 billion.
The country's foreign exchange reserves declined by $2.23 billion to stand at $550.87 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the reserves had dropped by $7.94 billion to $553.11 billion. The fall in the reserves during the reporting week was on account of a dip in the foreign currency assets (FCAs), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI.
The finance ministry on Monday said the ability of the Reserve Bank to intervene in the forex market to arrest the fall in rupee is limited, even as the Indian currency declined to a 32-month low of Rs 51.50 per US dollar in the early trade.
The country's foreign exchange reserves declined by $7.541 billion to $572.712 billion in the week ended July 15 as the Reserve Bank continued to intervene in the market to curb the fall of the rupee. In the previous week ended July 8, the reserves shrunk by $8.06 billion to $580.25 billion, the Reserve Bank of India (RBI) data showed on Friday. On Friday, the rupee fell by 5 paise to close at 79.90 against the US dollar.
The reserves had touched a life-time high of $426.028 billion in the week to April 13, 2018.
The country's reserve position with the International Monetary Fund also increased by $ 3.6 million to $ 3.344 billion.
The country's foreign exchange reserves declined by a massive $8.062 billion to $580.252 billion in the week ended July 8, according to RBI data. In the previous week ended July 1, the reserves had dropped by $5.01 billion to $588.31 billion. During the reporting week ended July 8, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said.
China keeps most of its foreign reserves in the United States Government securities.
Impacted by the revaluation of international currencies, India's foreign exchange reserves fell by $135 million for the week ending June 11, 2005.
After registering a decline for the last two weeks, India's forex reserves increased by $1.04 billion for the week ended June 17, 2005.
The country's forex reserves inched higher to $292.24 billion as of January 24, from $292.08 billion in the earlier week.
The country's foreign exchange reserves continued to surge ahead and for the third week in a row crossed the $1.5 billion mark.
After rising for two consecutive weeks, the country's foreign exchange reserves declined by $306 million to $601.06 billion in the week ended June 3, according to RBI data. In the previous week, the reserves had increased by $3.85 billion to $601.36 billion. It had risen by $4.23 billion to $597.51 billion in the week ended May 20.
PhonePe said on Tuesday it has launched a service that will allow the fintech firm's Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI). 'UPI international' supports merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR (quick response) code. Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards.
Lower international interest rates during June-July 2002-03 led to a sharp fall in returns on India's foreign currency assets to 2.8 per cent compared to 4.1 per cent during FY02 while that on gold reserves it fell to 0.6 per cent from 0.9 per cent.
The comments assume importance as the traditional position of the central bank has been not to set a forex reserves target.
The manipulation is suspected to have spread across the world.
The gold reserves were unchanged at $26.61 billion, the apex bank said.
The Reserve Bank of India (RBI) has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade).
The government is planning to utilize $5 billion worth of foreign exchange reserves for infrastructure development this fiscal.
The partially revised figures for FY'08 stood close to $3 billion at $2,827 million while, the two fiscal years FY'06 and FY'07 saw an outflow of $1.1 billion each and the same was $642 million in fiscal 2004-05.
The gold reserves remained unchanged at $28.041 billion, the apex bank said.
The country's foreign exchange reserves vaulted beyond $140 billion mark as inflows into the kitty swelled by $2.87 billion for the week ended March 11 due to heavy intervention in the market by Reserve Bank of India.
India's foreign exchange reserves increased by $319 million to cross record levels of $110 billion for the week ended March 26, 2004.
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