India's foreign exchange reserves continued to rise and grew by $863 million at $73,740 million during the week ended March 7.
India's large foreign exchange reserves can cushion a short-term jump in oil prices, but a long drawn conflict in Iraq could hurt the economy
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
New Delhi has a chance to rid itself of its image as the bully in the subcontinent by helping a neighbour tackle problems that India, for once, has no role in creating. It should grab the opportunity with both hands, suggests Aditi Phadnis.
The value of the gold reserves increased $78.2 million to $22.764 billion
After recording a massive jump of over $1 billion in the previous week, India's foreign exchange reserves crossed a record high level of $70 billion in the week ended December 27.
By March 28, the reserves rose by a whopping $5.038 billion to $303.673 billion, the second highest in the fiscal.
In the swap auction conducted on April 23, the Reserve Bank had received bids worth $ 18.65 billion against $ 5 billion on offer.
The rupee fell 1.87 percent against the dollar this week, its biggest fall since late April.
The country's gross domestic product (GDP) growth is likely to be 8.8 to 9 per cent in the current financial year, driven by agriculture and industry sectors, Care Ratings said in a report. The country's economy had contracted by 7.3 per cent in fiscal 2020-21. The agency said the outlook for the Indian economy on almost all counts in FY22 would look seemingly better than FY21 on account of the negative base effect.
The country's forex reserves inched higher to $292.24 billion as of January 24, from $292.08 billion in the earlier week.
The reserves nearing $ 428 billion can take care of imports for almost 10 months, according to market experts.
Gold reserves remained unchanged at $19.943 billion.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves.
In the week ending July 26 foreign exchange reserves had recorded a rise of $960.2 million to $ 280.16 billion
'Earning expectations remain strong.'
Along with the Finance Minister, the country looks up to RBI Governor in times of crisis. Among the last five chiefs, who have lived up to the people's expectations? Find out...
Gold reserves remained unchanged at $20.691 billion.
China's move to devalue its currency has exposed the fragility of its economy.
The reserves had touched a life-time high of $426.028 billion in the week to April 13, 2018.
Reconstruction efforts after the Russia-Ukraine war will be dominated by the heft of the membership of major nations across international organisations. India is hamstrung because it does not play host to any major global institution nor does it hold positions of significant influence in the ones in which it has membership. As a result, the world's sixth largest economy is obliged to follow the rules set by most of them.
From a credit risk perspective, there does not seem to be immediate danger.
Increasing US shale gas production should stabilise oil prices, in contrast to the spike of the past.
The increase was led almost entirely by foreign currency assets
The comments assume importance as the traditional position of the central bank has been not to set a forex reserves target.
After three weeks of fall, India's foreign exchange reserve rose by $990 million to $248.611 billion during the week ended January 30, 2009, mainly due to revaluation in the foreign currency assets and gold reserves.
RBI adds $5 bn to forex kitty since mid-March; rupee breaches 60-a-dollar mark but analysts say central bank will cap further gains
Pakistan Muslim League-Nawaz (PML-N) president Sharif, 70, and Pakistan Tehreek-i-Insaf (PTI) vice-chairman and former foreign minister Shah Mahmood Qureshi on Sunday filed their nomination papers for the post.
Khan, 69, was not present in the lower house at the time of voting. His party lawmakers staged a walkout.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
Encouraged by foreign exchange reserves touching record levels, the Reserve Bank on Tuesday doubled the annual overseas investment ceiling for individuals to $2,50,000.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
RBI's swap windows have boosted foreign inflows over the past two months.
With inflation remaining at elevated levels, central banks around the world, including the Reserve Bank of India (RBI), will kill excess demand in economy over the next six to eight months, sources in the know said. They also indicated that there could be a rate hike in June, when the inflation forecast for the current financial year would be raised. The RBI, the sources said, might announce more steps such as raising the limit on held-to-maturity (HTM) bonds to support government borrowings but might not come out with any further quantitative easing GSAP (Government Securities Acquisition Programme) measures.
The Reserve Bank of India (RBI) is likely to take a "more dovish" stance in its upcoming monetary policy review on December 2 and may go in for a cut repo rate in February, according to a British brokerage house report.
In the absence of adequate foreign capital flows, it also raises questions about India's foreign exchange reserves buffer and its external vulnerability.
The total reserves stood at $292.647 billion in the previous reporting week.
Gold reserves remained unchanged at $21.584 billion.
India's forex reserves enough to cover imports for just 7 months.
