With yet another record inflows of over $1 billion during the week ending December 12, 2003, India's foreign exchange reserves neared the $100 billion mark.
India's foreign exchange reserves surged ahead in the first week of the new fiscal following fresh accretion of over $1 billion to move past the record levels of $112 billion during the week ended April 2, 2004.
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
India's foreign exchange reserves touched $301.23 billion by the end of February 2008. Over $102 billion have been added to the reserves since the beginning of the financial year (April 2007) due to huge capital flows, and remittances as well as weakening of dollar. The reserves stood at $294.61 billion at the end of February 22, 2008. The forex kitty swelled by $6.62 billion, amongst the largest accretion to reserves in a span of a week.
The Indian rupee, which has depreciated 1.1 per cent so far in August, is expected to decline further on the back of a strengthening US dollar and a weakening Chinese yuan, according to a Business Standard poll of analysts. The Indian rupee hit an all-time low recently, closing at 83.15 per dollar. Five of the 10 respondents said the Indian currency might touch 83.5 per dollar in August itself, while others said the worst could be over.
Deutsche Bank on Monday completed the first forex option transaction in India. The transaction, which was a 6-month dollar/rupee risk reversal, was inked by Deutsche Bank for Reliance in Mumbai, an official release said.
The reserves have been surging by over $3 billion for the last two consecutive weeks. The forex reserves stood at $288.316 billion, up by $3.418 billion a week before.
The foreign currency assets increased by $1.808 billion to stand at $224.870 billion as against $223.062 billion in the previous week, the Reserve Bank data stated.
The country's foreign exchange reserves declined by $2.71 billion to $637.69 billion in the week to November 26, RBI data showed. In the previous week ended November 19, the reserves had increased by $289 million to $640.40 billion. It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
The amount involved is just 3.6 per cent of our forex reserves and the gains to be made are huge -- not to try the idea would be foolhardy.
The report said the import cover has gone down to seven months, last seen in 1998 and hence, RBI will focus on recouping the reserves.
The rupee rose by 12 paise to close at 79.78 against the US dollar on Monday due to a weak dollar in overseas markets and an improved appetite for riskier assets. Stronger regional currencies also supported the rupee sentiment ahead of the US Fed policy decision on Wednesday. Weak domestic equities and FII outflows, however, capped sharp gains. At the inter-bank forex market, the local unit opened at 79.86 against the greenback and moved in a range of 79.70 to 79.87 in the day trade.
Maruti Suzuki India on Wednesday reported a 42 per cent rise in consolidated net profit to Rs 2,671 crore for the fourth quarter ended March 2023, driven by higher sales, improved realisation and favourable forex movement. The country's largest carmaker logged a net profit of Rs 1,876 crore in the January-March of 2021-22. Net sales during the fourth quarter rose to Rs 32,060 crore compared to Rs 26,749 crore in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.
State-run Bank of Baroda and Oriental Bank of Commerce are among those facing scrutiny.
The rupee depreciated by 22 paise to close at a fresh lifetime low of 79.48 (provisional) against the US dollar on Monday, tracking a strong greenback overseas and subdued domestic equities. However, receding crude oil prices in the international market restricted the rupee's loss, forex traders said. At the interbank forex market, the local unit opened weak at 79.30 against the greenback and witnessed an intra-day high of 79.24 and a low of 79.49.
India's foreign exchange reserves declined by $685.1 million to $274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said.
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
India's forex reserves went up by $75 million to stand at $175.519 billion during the week ended December 15 as against $175.444 billion during the week ended December 8.
The latest macro-data from India is disquieting
After a dream run of almost one month, India's forex reserves dipped by $ 224 million to stand at $194.410 billion during the week ended March 9 as against $194.634 billion during the week ended March 2.
India's forex reserves increased by $940 million to stand at $166.482 billion during the week ended September 22 from $165.542 billion during the week ended September 15.
Foreign exchange earnings from tourism has risen by Rs 551 crore (Rs 5.51 billion) in June as compared to the same period last year, officials said.
The government will move fast towards a more liberal forex regime in the backdrop of a record foreign exchange reserves of 68 billion dollar and fresh inflow of $500 million a week, Finance Minister Jaswant Singh said.
The Reserve Bank of India (RBI) has increased its gold purchases, as part of its foreign exchange (forex) reserves. In the first half (H1) of calendar year 2021 (CY21), the addition of gold to India's forex reserves has been the highest - on a half-yearly basis -at 29 tonnes. Now, the RBI's gold holding - as a proportion of its forex reserves - has for the first time crossed 700 tonnes.
India's forex reserves increased by $ 2.07 billion to stand at $157.262 billion during the week-ended April 21, 2006, as against $155.196 billion during the week ended April 14, 2006.
Overseas investors, as well as other key stakeholders, such as brokers, custodians, and clearing corporations, are yet to iron out critical issues, even as the shift towards a shorter trade settlement cycle approaches new phases. Several industry players said foreign portfolio investors (FPIs) are still facing impediments over the trade confirmation timelines, foreign exchange (forex) bookings, and pre-funding requirements. This could potentially act as a roadblock when it comes to moving entirely to the new T+1 settlement cycle from next year.
Union Road Transport and Highways Minister Nitin Gadkari on Wednesday pitched for formulating a policy for using the Reserve Bank of India's rising foreign exchange reserves for funding road projects, saying the country needs low cost finance for such infrastructure projects. Addressing a virtual event organised by industry body CII, Gadkari further said that the National Highways Authority of India (NHAI) should also have a financial arm like the power ministry's Power Finance Corporation (PFC). "We have a surplus of dollar reserves in the country. I have decided to talk with the RBI Governor, about how we can formulate a policy by which we can use this foreign exchange reserves for development of infrastructure in the country," he said.
The forex reserves stood at $144.375 billion, a rise of $1.738 billion, during the week under review, according to Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.
The rupee plunged 90 paise to close at an all-time low of 80.86 (provisional) against the US dollar on Thursday after the US Federal Reserve's interest rate hike and its hawkish stance weighed on investor sentiments. Forex traders said the US Fed's rate hike and escalation of geopolitical risk in Ukraine sapped risk appetite. Moreover, the strength of the American currency in the overseas market, a muted trend in domestic equities, risk-off mood and firm crude oil prices weighed on the rupee.
The rupee plunged 58 paise to close at an all-time low of 81.67 (provisional) against the US dollar on Monday as the strengthening of the American currency overseas and risk-averse sentiment among investors weighed on the local unit. Moreover, escalation of geopolitical risks due to conflict in Ukraine, a negative trend in domestic equities and significant foreign fund outflows sapped investor appetite, forex traders said. At the interbank foreign exchange market, the local currency opened at 81.47, then fell further to close at an all-time low of 81.67 against the American currency, registering a decline of 58 paise over its previous close.
The country's largest IT services exporter TCS on Monday reported an 11 per cent jump in the December quarter net profit to Rs 10,846 crore, led by overall growth and forex gains. The Tata group company had reported a post-tax net profit of Rs 9,769 crore in the year-ago period. Overall revenue grew 19.1 per cent to Rs 58,229 crore for the reporting quarter from Rs 48,885 crore in the year-ago period, the company said, adding in constant currency, the topline growth is 13.5 per cent, and in the dollar terms, it clipped at 8 per cent.
India's forex reserves declined by $4 million to stand at $142.17 billion during the week ended November 25 against $142.18 billion during the preceding week.
The country's foreign exchange reserves rose by $2.04 billion to $639.52 billion in the week ended October 8, according to RBI data. In the previous week ended October 1, the reserves had dipped by $1.17 billion to $637.48 billion. The reserves had surged by $8.90 billion to a life time high of $642.45 billion in the week ended September 3.
India's foreign exchange reserves rose by $1.7 billion during the week ended September 2, 2005.
The Enforcement Directorate on Thursday said it has frozen assets worth Rs 143 crore of prominent Kerala-based NBFC Manappuram Finance Ltd's MD and CEO V P Nandakumar after it conducted raids as part of a money laundering investigation. A total of six premises in Thrissur, where the company is headquartered, were covered during the searches that were launched on Wednesday. The case pertains to allegations of money laundering through "illegal" collection of deposits from the public, the agency said in a statement.
China is also the largest owner of the US Treasury securities.
India's foreign exchange reserves fell for the third week in a row by $544 million for the week ended July eight, 2005.
Hit by the revaluation of international currencies, India's foreign exchange reserves dipped by a massive $1.16 billion for the week ended June 3, 2005.
The reserves had jumped $2.03 billion to $277.38 billion in the previous week.
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.
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