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 medium-term scenario for oil marketing companies (OMCs) is high risk due to the surging crude and gas prices. Apart from OPEC-plus cutting production, the Hamas-Israel conflict has caused fears of supply disruption. The July-September quarter of 2023-24 (Q2FY24) saw positive surprises for OMCs. Strong gross refining margins (GRMs) more than offset weak marketing margins.
The country's foreign exchange reserves continued to surge ahead and for the third week in a row crossed the $1.5 billion mark.
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.
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.
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
The manipulation is suspected to have spread across the world.
The banking system's liquidity slipped into deficit for the first time in the current financial year (2023-24) due to the imposition of the Incremental Cash Reserve Ratio (I-CRR) for banks and outflows from goods and services tax (GST) payments, according to dealers. Reserve Bank of India (RBI) data shows it injected Rs 23,644 crore on August 21. The last time liquidity was in deficit was on March 27, when the RBI injected Rs 45,575 crore.
The country's foreign exchange reserves declined $9.65 billion to $622.27 billion in the week ended March 11, according to the latest data from the RBI. In the previous week ended March 4, the reserves rose $394 million to $631.92 billion. It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
The gold reserves were unchanged at $26.61 billion, the apex bank said.
In a countrywide crackdown, the Central Bureau of Investigation conducted operations at 40 locations and apprehended around 14 people including home ministry officials, NGO representatives and middlemen for allegedly facilitating the clearance of foreign donations in violation of the Foreign Contribution Regulation Act, officials said on Tuesday.
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 country's foreign exchange reserves increased by $394 million to $631.92 billion in the week ended March 4, the RBI data showed. In the previous week ended February 25, the reserves had declined by $1.425 billion to $631.527 billion. It touched a lifetime high of $642.453 billion in the week ended September 3, 2021.
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The fall in total reserves was mainly because of a decline in foreign currency assets worth $4.5 billion, the data showed.
The gold reserves remained unchanged at $28.041 billion, the apex bank said.
The rupee has depreciated 9.7 per cent against the US dollar over a year and with the RBI stemming the rupee's weakness through dollar sales, its reserves have dropped to their lowest levels since October, 2020. The fall in reserves has widespread implications.
Amazon on Wednesday filed a writ petition in the Delhi high court seeking clarifications on the scope of Enforcement Directorate's (ED) investigations into alleged foreign exchange violations by the company, according to sources. Last month, Amazon had said it was in receipt of summons by the ED in connection with its deal with the Future Group. According to sources, Amazon in its filing said the ED is expanding the scope of its investigations by seeking privileged and confidential legal advice it received in ordinary course of business since it started marketplace operations and that such requests aren't related to the agency's probe into the Future-Amazon deal.
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.
Exports dipped 1.6 per cent to 8.95 trillion yuan.
India's foreign exchange reserves increased by $319 million to cross record levels of $110 billion for the week ended March 26, 2004.
India's forex kitty shrunk by $1.03 billion to $353.33 billion on the back of a dip in the core currency assets, the Reserve Bank said.
The rupee ended at 59.18 compared with previous close of 59.33 to the dollar.
In an interview with France24, Wickremesinghe said, "We are a neutral country, but we also emphasise the fact that we cannot allow Sri Lanka to be used as a base for any threats against India."
The rise in India's foreign exchange reserves continued with further fresh inflows and export remittances of $595 millon pushing the forex reserves past the $71 billion mark during the week ended January 10.
The country's reserves surged by $1.432 billion to $316.311 billion in the week to November 28 due to rise in foreign currency assets, RBI data showed on Friday.
Experts (forex consultants and CFOs) estimate the notional losses on derivative products in Ludhiana to be Rs 200 crore to Rs 300 crore (Rs 3 billion), with a prominent textile player leading the table. But no company is willing to talk about their exposure or losses. A few companies, such as Vardhman Textiles, part of the S P Oswal Group, said they had no exposure.
The foreign exchange reserves rose by a robust $1.637 billion to touch $296.63 billion during the week ended December 14 on the back of healthy addition of core currency assets, the Reserve Bank said.
Indian foreign exchange reserves rose by $1.8 billion in the week ended June 20, 2008, to $312.48 billion. The increase in reserves was basically due to a hike in foreign currency assets, which grew by $1.78 billion to $302.74 billion, according to the Reserve Bank of India's weekly statistical supplement released.
The union ministry of tourism has recognised Taj Residency, a Taj business hotel, as the 'best 5-star hotel in India' for the year 2003-04 for highest forex earnings.
India's foreign exchange reserves slipped marginally by $32.7 million to $293.53 billion, the Reserve Bank said.
The foreign exchange reserves slipped by a hefty $1.59 billion to $294.99 billion on the back of heavy decline in gold reserves and the core currency assets, the Reserve Bank said on Friday.
The Reserve Bank of India's weekly statistical supplement said on Saturday that the country foreign exchange reserves had crossed rose by $418 million to touch $85.415 billion in the week ended August 15.
India's foreign exchange reserves are at a record high of $214.83 billion. Considering this rapid rise in country's forex reserves, the need to gauge adequacy of reserves has gained importance, said the RBI in its report on foreign exchange.
The country's foreign exchange reserves declined by $763 million to $640.11 billion in the week ended November 12, RBI data showed. In the previous week ended November 5, the reserves had decreased by $1.14 billion to $640.87 billion. It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
The foreign exchange reserves fell by $502.4 million to $293.97 billion due to fall in the currency assets, according to Reserve Bank data released on Friday.
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