India's forex reserves jumped by $1 billion to $687 billion during the week ended December 5, the RBI said on Friday. In the previous reporting week, India's forex reserves had dropped by $1.88 billion to $686 billion.
The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
'If the war continue for a longer period of time, it is just a matter of time before the government will pass on some of the price increases.'
The Andhra Pradesh cabinet has recommended a series of measures, including 'No Vehicle Day,' online classes, and reduced foreign tours, to mitigate the economic impact of the Gulf war.
Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
India has no plans to ration fuel supplies despite ongoing disruptions in global energy markets, according to a top oil ministry official. The country has maintained adequate inventories of crude products and LPG while diversifying imports to manage supply risks.
India's forex reserves dropped by $1.88 billion to $686 billion during the week ended November 28, the RBI said on Friday. In the previous reporting week, the overall reserves had declined by $4.47 billion to $688 billion.
India's forex reserves jumped by another $14.36 billion to a new all-time high of $723.77 billion during the week ended January 30, the Reserve Bank said on Friday.
'At the first sign of real trouble, that money will move. There will be a run.'
India's forex reserves increased by $4.496 billion to $702.28 billion for the week ended October 17, as the value of gold reserves rose further, the RBI said on Friday.
Gold has emerged as the most stable asset during episodes of geopolitical stress, and crude oil has been more sensitive than others when it comes to regional conflicts and sanctions, according to a report in the Reserve Bank of India's (RBI's) monthly bulletin. Silver and the United States Treasury have showed moderate reactions.
The Indian rupee plummeted to a new all-time closing low of 95.81 against the US dollar, driven by surging crude oil prices, persistent inflation concerns, and a strengthening dollar index.
Gold prices are expected to remain volatile next week as investors track geopolitical developments in the Middle East and key macroeconomic data releases that could shape the sentiment in the domestic market, analysts said.
The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
Precious metal prices surged in futures trading, with silver hitting Rs 2.93 lakh per kg and gold nearing Rs 1.68 lakh per 10 grams, driven by safe-haven demand following US-Israel strikes in Iran and retaliatory attacks.
Precious metal prices, particularly gold and silver, experienced a significant surge in the national capital as investors sought safe-haven assets amid escalating hostilities in the Middle East.
India's foreign exchange reserves dropped by another $2.7 billion to $687.03 billion during the week ended November 7, the RBI said on Friday.
India's forex reserves dropped $5.62 billion to $689.73 billion for the week ended October 31, the Reserve Bank of India said on Friday. The overall reserves had declined by $6.92 billion to $695.35 billion.
Gold prices fell by Rs 400 to Rs 1.6 lakh per 10 grams in the national capital on Thursday amid weak global trends and receding expectations of an interest rate cut by the US Federal Reserve.
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India's forex reserves jumped $4.04 billion to $698.27 billion during the week ended September 5 on the back of a sizeable increase in value of gold reserves, the RBI data said on Friday.
India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
The recent correction suggests that while precious metals hedge geopolitical tension and inflation, they are not immune to sharp short-term corrections and profit-booking.
India's forex reserves fell by $276 million to $699.96 billion during the week ended October 3, according to RBI data. In the previous reporting week, India's forex reserves had dropped by $2.33 billion to $700.24 billion.
India should not stay on the margins of this initiative. There should be a serious debate about what would be in India's best interests asserts former foreign secretary Shyam Saran.
Paytm (One 97 Communications Ltd) has stated that the Reserve Bank of India's action on Paytm Payments Bank Ltd (PPBL) has no financial or business impact on the company. The fintech firm clarified it has no material business arrangements or exposure with the banking entity, which operates independently.
India's forex reserves dropped by $6.925 billion to $695.355 billion during the week ended October 24, the RBI said on Friday.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
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The Indian rupee depreciated by 28 paise to settle at 93.44 against the US dollar, influenced by ongoing uncertainties surrounding West Asia peace negotiations, volatile crude oil prices, and the Reserve Bank of India's recent adjustments to non-deliverable forward market regulations.
This is the time for India to plan forward fully, with the goal of Atmanirbharata, and energy security. The Persian Gulf is no longer a reliable source, points out Rajeev Srinivasan.
United States has the world's largest gold reserves.
The bull-market in gold is not yet over and prices can rise to $6,200 an ounce (oz) by mid-2026, up nearly 25 per cent from current levels, according to UBS.
Gold prices are likely to trade firm next week as traders await key economic data, including US inflation numbers, for fresh cues on interest rate outlook, while silver may remain volatile amid shifting risk sentiment and speculative activity, analysts said.
India's forex reserves dropped by $396 million to $703 billion for the week ended September 19, according to the RBI data. In the previous reporting week, the overall reserves had jumped by $4.7 billion to $703 billion.
Silver and gold prices snapped a two-day rebound and declined sharply up to 10 per cent in the futures trade on Thursday amid weak trends in the international markets and a strong US dollar.
The RBI has flagged concerns over rising volatility in gold prices and advised lenders to exercise caution in the gold loan segment.
India's forex reserves dropped by $2.334 billion to $700.236 billion during the week ended September 26, according to the RBI data on Friday.
India's retail inflation marginally increased to 3.4 per cent in March, up from 3.21 per cent in February, primarily due to an uptick in certain food items and the initial impact of the West Asia crisis on fuel prices, according to government data.
'I cannot imagine that any NSA before Ajit Doval would have given us this kind of time and this kind of engagement. They would have offered slogans, or nothing at all. That, too, tells you something.'
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