After a technology upgrade, the Multi Commodity Exchange of India (MCX) appears poised for an improvement in volumes. The premier commodity and forex exchange reported a loss of Rs 19.1 crore in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24). This was attributed to higher software charges payable under an extended service agreement with 63 moons technologies and a one-off cost towards core guaranteed funds (CGF).
Exports dipped 1.6 per cent to 8.95 trillion yuan.
The rupee ended at 59.18 compared with previous close of 59.33 to the dollar.
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 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 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.
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 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.
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.
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.
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.
'She delivers on promises, especially on security issues which is a core concern for India.'
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.
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.
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.
India's foreign exchange reserves slipped marginally by $32.7 million to $293.53 billion, the Reserve Bank said.
The fall in total reserves was mainly because of a decline in foreign currency assets worth $4.5 billion, the data showed.
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.
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 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.
India's foreign exchange reserves increased by $1.349 billion for the week ended July 6 to $214.835 billion as against $213.486 billion in the previous week.
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.
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.
India's gold reserves were also up by $297.7 million to $19.33 billion
The country's forex reserves rose by $419.4 million to $315.551 billion in the week to November 14, driven by a rise in foreign currency assets.
Forex trade can be a very profitable venture. But while the money market movements are small, they can hurt big.
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.
A key advantage of these cards is that exchange rate fluctuations may not affect you
India's foreign exchange reserves fell by a significant $3.4 billion to $276.238 billion for the week ended May 7, as against $279.633 billion in the previous week, RBI data showed.
It is thought that the RBI has been accumulating dollars to fight odds.
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.
India's forex reserves decreased by $601 million to stand at $162.659 billion during the week ended on July 14
On a consolidated basis, the merged entity will have 145 branches, Rs 200 crore in revenue and 1,800 employees.
India's forex reserves decreased by $950 million to stand at $144 billion during the week ended December 23 against $145 billion during the preceding week.
India's forex reserves increased by $1.057 billion to stand at $145 billion during the week ended December 16 against $143.943 billion during the preceding week
At a time when crude oil and natural gas prices are sky-high, public sector behemoth ONGC's haphazard planning and mismanagement in developing showpiece deep-sea KG-D5 block is costing the nation over Rs 18,000 crores due to the delayed output of oil and gas, government officials said. ONGC was originally to start gas production from the Cluster-II fields in block KG-DWN-98/2 (KG-D5) in June 2019 and the first oil was to flow in March 2020. But these targets were quietly shifted to end-2021 because of deferments in awarding the fragmented work packages of the project, two officials with direct knowledge of the matter said on condition of anonymity.
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