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RBI's forex swap window for oil marketing companies addresses an urgent issue but what happens when the dollars have to be returned?
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
The country's foreign exchange reserves increased by $2.19 billion to $631.95 billion in the week ended February 4, RBI data showed. In the previous week ended January 28, the reserves had declined by $4.53 billion to $629.76 billion. It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
The country's foreign exchange reserves declined by $678 million to $634.29 billion in the week ended January 21, according to RBI data. In the previous week ended January 14, the reserves had increased by $2.23 billion to $634.96 billion. It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
The finance ministry on Monday said the ability of the Reserve Bank to intervene in the forex market to arrest the fall in rupee is limited, even as the Indian currency declined to a 32-month low of Rs 51.50 per US dollar in the early trade.
The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered, observes Devangshu Datta.
Foreign currency assets, which are a major component of the overall reserves, rose by $646.4 million to $386.762 billion.
ED and Directorate of Revenue Intelligence have detected a significant increase in the outflow of Indian money, specifically into four countries --Thailand, Dubai, Singapore and Hong Kong.
Impacted by the revaluation of international currencies, India's foreign exchange reserves fell by $135 million for the week ending June 11, 2005.
China keeps most of its foreign reserves in the United States Government securities.
The reserves had touched a life-time high of $426.028 billion in the week to April 13, 2018.
The country's reserve position with the International Monetary Fund also increased by $ 3.6 million to $ 3.344 billion.
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.
An Enforcement Directorate (ED) investigation into alleged foreign exchange law violations by edtech major Byju's and its CEO and co-founder Raveendran Bjyu is in the final stages of completion following which a show cause notice could be served to them, official sources said Tuesday. The central probe agency had in April searched two business and one residential premises, including that of the registered company of Byju's -- Think & Learn Pvt. Ltd. -- under the provisions of the Foreign Exchange Management Act (FEMA).
The country's forex reserves inched higher to $292.24 billion as of January 24, from $292.08 billion in the earlier week.
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 country's foreign exchange reserves declined by $2.23 billion to stand at $550.87 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the reserves had dropped by $7.94 billion to $553.11 billion. The fall in the reserves during the reporting week was on account of a dip in the foreign currency assets (FCAs), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI.
The country's foreign exchange reserves declined by $7.541 billion to $572.712 billion in the week ended July 15 as the Reserve Bank continued to intervene in the market to curb the fall of the rupee. In the previous week ended July 8, the reserves shrunk by $8.06 billion to $580.25 billion, the Reserve Bank of India (RBI) data showed on Friday. On Friday, the rupee fell by 5 paise to close at 79.90 against the US dollar.
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.
India spends significantly less on defence than could be expected from a country that faces simultaneous armed threats from two hostile neighbours -- China and Pakistan.
The country's foreign exchange reserves declined by a massive $8.062 billion to $580.252 billion in the week ended July 8, according to RBI data. In the previous week ended July 1, the reserves had dropped by $5.01 billion to $588.31 billion. During the reporting week ended July 8, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said.
The comments assume importance as the traditional position of the central bank has been not to set a forex reserves target.
After an extremely stable 2023, the Indian rupee started 2024 on a promising note and has turned out to be the best-performing Asian currency so far in January, appreciating 0.1 per cent despite 2 per cent rise in the dollar index. All other Asian currencies depreciated by around 1.4-4 per cent during the month. The local currency regained its ground against the greenback on the back of foreign portfolio inflows, said market participants.
The manipulation is suspected to have spread across the world.
The government is planning to utilize $5 billion worth of foreign exchange reserves for infrastructure development this fiscal.
The gold reserves were unchanged at $26.61 billion, the apex bank said.
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 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.
India's foreign exchange reserves increased by $319 million to cross record levels of $110 billion for the week ended March 26, 2004.
The gold reserves remained unchanged at $28.041 billion, the apex bank said.
After rising for two consecutive weeks, the country's foreign exchange reserves declined by $306 million to $601.06 billion in the week ended June 3, according to RBI data. In the previous week, the reserves had increased by $3.85 billion to $601.36 billion. It had risen by $4.23 billion to $597.51 billion in the week ended May 20.
Foreign banks and private credit funds are queuing up to fund acquisitions by Indian companies who are buying out their local rivals. The Adani Group, Torrent Group, and the Hindujas have approached several foreign banks and private equity (PE) firms to fund their acquisitions. Global investors have about $2 trillion of funds to invest, and about $100 to $150 billion is set aside for India, according to an estimate by JP Morgan.
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 rupee ended at 59.18 compared with previous close of 59.33 to the dollar.
Exports dipped 1.6 per cent to 8.95 trillion yuan.
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.
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 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.
