Consumer activist Jehangir B Gai explains a RBI circular that says the customer is not liable for unauthorised transactions that occur due to contributory fraud, negligence, or deficiency on the bank's part.
Gold reserves rose by $321 million in the reporting week to $37.521 billion.
For the second time within a month, India's foreign exchange reserves soared by over $ 1 billion to cross a record high level of $72 billion in the week
The country's foreign exchange reserves surged by $9.427 billion to record high of $620.576 billion in the week ended July 30, according to the latest RBI data. In the previous week ended July 23, the reserves had declined by $1.581 billion to $611.149 billion. In the reporting week ended July 30, the rise in the reserves was on the back of an increase in foreign currency assets (FCAs), a major component of the overall reserves, the Reserve Bank of India's (RBI) weekly data released on Friday showed.
The rupee depreciated 40 paise to an all-time low of 81.93 against the US dollar in early trade on Wednesday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and significant foreign fund outflows sapped investor appetite, forex traders said. At the interbank foreign exchange, the rupee opened at 81.90 against the greenback, then fell to 81.93, registering a fall of 40 paise over its previous closing.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
India's exports in April jumped nearly three-fold to USD 30.63 billion from USD 10.36 billion in the same month last year, according to government data released on Friday.
The rupee extended its losses and slumped 10 paise to close at a record low of 77.72 (provisional) against the US dollar on Thursday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows. At the interbank foreign exchange market, the rupee opened lower at 77.72 against the greenback, and finally settled for the day at 77.72, down 10 paise over its previous close. During the trading session, the rupee touched an intra-day low of 77.76 and a high of 77.63.
The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong american currency and risk-off sentiment among investors. Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite. Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
The rupee depreciated by 37 paise to close at 79.62 against the US dollar on Thursday despite sustained foreign capital inflows and a positive trend in equities. At the interbank foreign exchange market, the local currency opened at 79.22 and saw an intra-day high of 79.22 and a low of 79.94 against the American currency. It finally ended at 79.62, down 37 paise over its previous close of 79.25.
The Indian rupee is expected to trade between 80 and 84 against dollar in the first three months of 2023 with support from overseas inflows though worsening current account deficit (CAD) and reduced interest rate differential between the US and India pose challenges. According to a Business Standard Poll of 10 participants, most said the rupee could gain strength in January due to foreign inflows, and the Reserve Bank of India (RBI) is not expected to allow the currency to depreciate ahead of the Union Budget scheduled on February 1. The rupee depreciated 10.15 per cent in 2022, its worst performance since 2013 as the war in Europe and the interest rate increase by the US Federal Reserve prompted investors to flee emerging markets.
Raghuram Rajan has described the fall in reserves as dip in valuation with appreciation of dollar against other currencies
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
Markets will remain closed today on account of voting for the general elections in Mumbai constituencies.
The country's foreign exchange reserves swelled by USD 3.005 billion to a lifetime high of USD 490.044 billion in the week ending May 22, mainly on account of a rise in foreign currency assets, RBI data showed on Friday. In the previous week, the reserves had increased by USD 1.726 billion to USD 487.04 billion.
Rajapaksa's decision was to ensure public security and maintain essential services so as to ensure a smooth functioning of the country, the presidential media division said.
The foreign exchange kitty had crossed the half-a-trillion mark for the first time in the week ended June 5, 2020, after it had swelled by $8.223 billion to stand at $501.703 billion.
The country's foreign exchange reserves rose $183 million to touch a record high of $560.715 billion in the week ended October 30, RBI data showed on Friday. In the previous week ended October 23, the reserves had jumped $5.412 billion to $560.532 billion.
Gold reserves were up by $1.525 billion in the reporting week to $37.625 billion.
Economist Jayati Ghosh noted that the word 'freebies' indicates the class position of those who use it.
The country's foreign exchange reserves rose by $758 million to reach a record high of $586.082 billion in the week ended January 8, RBI data showed on Friday. In the previous week ended January 1, the reserves had increased by $4.483 billion to $585.324 billion.
'The prospects for both India and the global economy is that we are headed towards a very difficult time.' 'I see very uncertain at least 8-10 months for both India and the rest of the world.'
Going ahead iGate will have to maintain a healthy order book to sustain growth.
The rupee weakened by 14 paise to close at a new lifetime low of 79.59 against the US dollar on Tuesday as a strong greenback overseas and persistent foreign fund outflows continued to weigh on investor sentiment. This comes a day after the RBI announced measures for international trade settlement in rupees. At the interbank forex market, the local unit opened weak at 79.55 against the greenback and witnessed an intra-day high of 79.53 and a low of 79.66.
Gold reserve also declined by $340 million to $30.55 billion.
The rupee fell by 41 paise to close at a fresh lifetime low of 79.36 (provisional) against the US dollar on Tuesday amid a strong greenback overseas and unrelenting foreign fund outflows. At the interbank forex market, the local unit opened at 79.04 against the greenback and witnessed an intra-day high of 79.02 and a low of 79.38. It finally settled at 79.36 (provisional), down 41 paise over its previous close.
Petrol doped with 20 per cent ethanol was rolled out on Monday at select petrol pumps in 11 states and union territories as part of a programme to increase use of biofuels to cut emissions as well as dependence on foreign exchange-draining imports. At present, 10 per cent ethanol is blended in petrol (10 per cent ethanol, 90 per cent petrol) and the government is looking to double this quantity by 2025. Prime Minister Narendra Modi launched the higher 20 per cent ethanol blended petrol two months ahead of the planned rollout in April, at the India Energy Week (IEW) 2023 in Bengaluru.
Lower crude oil prices and a rally in domestic equities restricted the losses to some extent, forex dealers said. At the interbank foreign exchange market, the domestic currency opened weak at 79.50 per dollar.
Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world's largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs.
It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.
'Valuations are very attractive, and most companies are cash-rich with strong dividend yields.'
The country's foreign exchange reserves jumped by a massive $7.779 billion to touch a lifetime high of $568.494 billion in the week ended November 6, RBI data showed on Friday. In the previous week ended October 30, the reserves had increased by $183 million to $560.715 billion. In the reporting week, the jump in reserves was mainly on account of an increase in foreign current assets (FCAs), a major component of the overall reserves.
Bank of America (BofA) Securities expects India to be the third-largest economy in the world by 2031. The economic rise could become a reality by 2028, but the Covid pandemic delayed the pace, BofA Securities economists Indranil Sen Gupta and Aastha Gudwani wrote in a report.
The Reserve Bank of India's (RBI's) outstanding net forward purchases of US dollars fell by more than 50 per cent from the last quarter of FY22 to $30.86 billion in the June quarter (Q1). The net forwards position was at $65.79 billion at the end of the last fiscal year. The purchases fell by $18.33 billion in June as the central bank intervened in both the forwards and the spot market in order to protect the rupee from excessive depreciation in the face of a widening trade deficit.
Tata Steel was the top gainer in the Sensex pack, rallying nearly 4 per cent, followed by Bajaj Finance, M&M, Bajaj Finserv and Reliance Industries. NSE Nifty advanced 33.95 points to a fresh high of 16,563.05.
The Congress released a booklet 'Nau saal, Nau sawaal', asking nine questions from Modi. The BJP rejected the Congress' criticism as a 'bundle of lies and mountain of deception' and said the questions are born out of 'pathological hatred' of the PM.
High interest costs and a weak rupee may raise overall debt, even as refinancing may not be an issue.
The rupee extended its losses and slumped 60 paise to close at a record low of 77.50 (provisional) against the US dollar on Monday, pressured by the strength of the American currency overseas and unabated foreign fund outflows. Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks. At the interbank foreign exchange market, the rupee opened lower at 77.17 against the greenback, and finally settled for the day at 77.50, down 60 paise over its previous close.
Federal Bureau of Investigation agents on Tuesday arrested 48 foreign exchange brokers in connection with a probe into securities and currency fraud, according to a CNN/Money report.
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