India's foreign exchange reserves continue to be on the upswing following fresh inflows of $700 million to cross the $88 billion mark for the week ending September 19, 2003.
In one of the largest inflows in recent times, India's foreign exchange reserves have shot up by $1.11 billion to cross the $87 billion mark, a new record high, for the week ended September 5.
'Hope they don't tinker around with capital gains tax in any way.'
Foreign exchange reserves declined $204 million to $84.70 billion in the week ended August 1 from $84.904 billion in the earlier week, according to the weekly supplement released by the Reserve Bank of India on Saturday.
After recording a decline in the previous week, India's foreign exchange reserves jumped by $869 million at $82.774 billion during the week ended July 4.\n\n\n\n
The Maldives has an open economy with a narrow export base but high dependence on imports for most of its economic activities. As a result, foreign merchandise trade normally records a large deficit.
FCAs decreased by $3.56 billion to $325.03 billion.
The country's foreign exchange reserves increased by $749 million at $82.421 billion in the period under review, according to the Reserve Bank of India's weekly statistical supplement issued in Mumbai on Saturday.
The RBI is still a small player in international gold buying among central banks. But in terms of total gold bought in 2019, it is the sixth largest buyer with 25.2 tonnes purchases in the first 10 months of 2019.
Foreign exchange reserves rose by $1.591 billion to touch $80.816 billion in the reporting week.
India's management of foreign exchange reserves has generally been in accordance with International Monetary Fund guidelines and comparable to global best practices.
India's foreign exchange reserves continued to scale new heights and crossed the $78-billion mark following record inflows during the week ending May 9.
India's foreign exchange reserves continued to rise to record levels with fresh inflows of $588 million to touch $77.598 billion during the week ended May 2.
Axis Bank was the top laggard in the Sensex pack, shedding over 3 per cent, followed by SBI, ICICI Bank, ONGC, HDFC and Kotak Bank.
PowerGrid was the top gainer in the Sensex pack, rallying over 6 per cent, followed by Maruti, ICICI Bank, HDFC, Kotak Bank, Axis Bank, and Reliance Industries.
India's foreign exchange reserves continued to surge ahead and neared the $74-billion mark following fresh inflows of $178 million to touch $73,918 million during the week ended March 14.
The foreign exchange reserves during the week ending February 14 rose by $616 million mainly due to foreign investments and export remittances at $75,283 million, according to Reserve Bank of India
Indian IT services provider Hexaware Technologies' stock on Monday closed at a four-year low on the Bombay Stock Exchange (BSE) after the company announced that it was conducting an "internal investigation" into "certain actively-concealed and potentially-fraudulent foreign exchange transactions conducted by a Hexaware official."
The foreign exchange reserves stood at $73.205 billion in the week under review, according to Reserve Bank of India's weekly statistical supplement released
M&M, Nestle India, IndusInd Bank, Kotak Bank, HCL Tech and Axis Bank were the other gainers. On the other hand, Tech Mahindra, ITC, NPTC, PowerGrid, Titan and ONGC finished with losses. The NSE Nifty surged 121.75 points to 10,739.95.
The country's foreign exchange reserves jumped from $68.435 billion to $69.508 billion in the reporting period, according to Reserve Bank of India's weekly statistical supplement.
India's foreign exchange reserves shot up to an all-time high of $339.99 billion.
India's foreign exchange reserves surged ahead and crossed $68 billion due to inflows of continuous export remittances and revaluation of Euro vis-a-vis the US dollar.
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
'If the Union Budget can provide incentives for animal spirits to come as well as induce demand stimulus and consumption, the Budget would have done a wonderful job.'
While Bajaj Finance, Asian Paints, Tata Steel, NTPC and SBI were among the other gainers, ONGC, Axis Bank, Tech Mahindra, Infosys and ICICI Bank were among the laggards. NSE Nifty advanced 82.75 points or 0.73 per cent to settle at 11,470.25.
On the Sensex chart, Axis Bank, Titan, IndusInd Bank, HDFC Bank, Dr Reddy's, HDFC and Asian Paint were major losers.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
Since most Indian firms have kept their forex exposure unhedged, credit profile of companies in the highly sensitive sectors such as oil & gas, metal & mining, airlines could weaken substantially, says Anup Roy.
Foreign exchange reserves declined $9 million to $203.982 billion for the week ended May 18, according to data released by the Reserve Bank on Friday.
The interbank foreign exchange (forex), call money markets, cotton, metals, sugar and future trading in castor seeds will remained officially closed on Friday on the occasion of Ramnavami.\n\n\n\n
The rupee's strength has had an overall negative effect on merchandise trade
In the Sensex pack, IndusInd Bank was the top gainer, soaring around 8 per cent, followed by Bajaj Finance, Axis Bank, PowerGrid, ONGC, ICICI Bank, Sun Pharma and M&M.
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