India's Foreign Exchange Reserves Decline $1

Posted By: Ajay Rawat Posted On: Jul 29, 2023

India's forex reserves declined by $1.9 billion to $607.03 billion in the week ended June 21, according to the latest RBI data. In the previous week ended July 14, the forex reserves had swelled by $12.743 billion to cross the $600 billion mark.

It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. In the week ended January 13 this year, the overall kitty had expanded by $10.417 billion.

For the week ended July 21, the foreign currency assets, a major component of the reserves, fell $2.41 billion to $537.75 billion, according to the Weekly Statistical Supplement released by the RBI on Friday, July 28. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were up by $417 million to $45.61 billion, the RBI said. The special drawing rights (SDRs) declined $11 million to $18.47 billion, the apex bank said.

The country's reserve position with the IMF was up by $21 million to $5.2 billion in the reporting week, the apex bank data showed.

On Friday, the rupee plunged 26 paise to close at 82.18 against the US dollar on Friday amid renewed foreign fund outflows and negative trends in domestic equity markets.

An elevated level of crude prices nearing USD 84 a barrel also weighed on the domestic unit even as the American currency gained strength on the back of better-than-expected macroeconomic data from the US, forex traders said.

Source: News18
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India's Foreign Exchange Reserves Drop $867 Million to $593 Billion

Posted By: Jaydatt Chaudhary Posted On: Sep 23, 2023

India's foreign exchange reserves declined $867 million to $593.037 billion in the week ended September 15, according to the latest RBI data. In the previous reporting week, the overall reserves dropped $4.99 billion to $593.90 billion.

In October 2021, the country's reserves had touched an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended September 15, the foreign currency assets, a major component of the reserves, decreased $511 million to $525.915 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were down $384 million to $44 billion, the RBI said. The special drawing rights (SDRs) were up $32 million to $18.092 billion, the apex bank said.

The country's reserve position with the IMF was down $4 million to $5.03 billion in the reporting week.

Rupee During Week Ended September 22

The rupee remained below 83 for most part of the week but gained a boost on Friday.

Anil Kumar Bhansali, head (treasury) and executive director of Finrex Treasury Advisors LLP, said, “The rupee remained below 83 for most part of the week but gained a boost on Friday after the announcement of Indian Government Bonds in the JP Morgan bond index from 28th June 2024 which could bring $ 20-25 billion inflows into the country.”

He added that for the entire week oil companies and FPIs continued buying and RBI sold dollars not allowing any to fall beyond 83.27 keeping a tight leash over the value of the rupee. Importers got an opportunity today and they bought the dollar wholeheartedly to take the dollar rupee to a days high of 82.97 but closing was at 82.93.

(With PTI Inputs)

Source: News18
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India's Foreign Exchange Reserves Jump $4 Billion To $599 Billion Updated 58 minutes ago

Posted By: Pawan George Posted On: Sep 09, 2023

India's foreign exchange (forex) reserves jumped $4.039 billion to $598.897 billion for the week ended September 1, according to the latest RBI data. In the previous reporting week, the overall reserves had dropped by $30 million to $594.858 billion.

In October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended September 1, the foreign currency assets, a major component of the reserves, increased by $3.442 billion to $530.691 billion, according to the Weekly Statistical Supplement released by the RBI.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were up by $584 million to $44.939 billion, the RBI said. The special drawing rights (SDRs) were up by $1 million to $18.195 billion, the apex bank added.

The country's reserve position with the IMF was also up by $12 million to $5.073 billion in the reporting week, the RBI data showed.

The Rupee Vs Dollar During Week Ended September 8

During the week ended September 8, the dollar was stronger against most currencies during the week as such the rupee opening was under pressure during the entire week except today when the RBI forcefully sold dollars and brought it down to below 83 to close at 82.95.

Asian currencies continued to remain weak against the dollar with CNH falling to below 7.35 which is a nine year low. Oil rose to above $ 90 pursuing oil companies to keep buying dollars and thus putting constant pressure on the rupee. FPIs have sold equities worth Rs 9,000 crore and have added to the pressure on buying of dollars. In the meanwhile, RBI decided to discontinue the incremental CRR fully from October 7 removing it partly.

Anil Kumar Bhansali, head (treasury) and executive director of Finrex Treasury Advisors LLP, said, “In the coming week, we expect the rupee to broadly continue in the range of 82.50 to 83.50 and within a narrow band of 82.70 to 82.30 with a close watch on RBI who has been advocating rupee to be neither too strong nor too weak to ensure inflows into equity debt and FDI continue. In the current week we shall be having the ECB on 14th while other major central bank meetings will be in the week after that."

(With Inputs From PTI)

Source: News18
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India's Foreign Exchange Reserves Decline $7

Posted By: Preeti Dabar Posted On: Aug 27, 2023

India's forex reserves dropped by $7.273 billion to $594.888 billion for the week ended August 18, according to the latest data from the RBI. In the previous reporting week, the overall reserves had risen by $708 million to $602.161 billion.

The country's forex kitty had reached an all-time high of USD 645 billion in October 2021. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended August 18, the foreign currency assets, a major component of the reserves, decreased by USD 6.613 billion to USD 527.786 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were down by USD 515 million to USD 43.824 billion, the RBI said. The Special Drawing Rights (SDRs) were down by USD 119 million to USD 18.205 billion, the apex bank said.

The country's reserve position with the IMF was also down by USD 25 million to USD 5.072 billion in the reporting week, the apex bank data showed.

The rupee on Friday declined by 8 paise to settle at 82.64 against the US dollar, snapping its three-day rally due to forex outflows, a strong American currency and negative equity markets.

Anil Kumar Bhansali, head (treasury) and executive director of Finrex Treasury Advisors LLP, said, “As the rupee crossed 83.00 level last week RBI seemed to be perturbed and sold dollars above 83.00 to not allow any further depreciation on the rupee front. On Wednesday RBI sold $ 2 billion from 83.01 and took it down to $ 82.6850 despite an outflow of $ 700 million from NTPC."

The RBI also possibly verbally warned banks not to take arbitrage positions in NDF thus making them cut longs and yesterday rupee made a high of 82.36 thus giving a chance to importers to buy. Today however, as the dollar index crossed 104. Levels to 104.13 and Asian currencies remained on the weaker side of the curve rupee lost some of the gains and moved back towards 82.70 before closing at 82.65, he said.

(With Inputs From PTI)

Source: News18
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India's Foreign Exchange Reserves Jump $708 Million to $602 Billion After 3 Weeks Of Fall Published 1 hour ago

Posted By: Jogendra Kumar Posted On: Aug 19, 2023

India's foreign exchange reserves jumped $708 million to $602.161 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday. This is the first increase in the kitty after declining for three consecutive weeks. In the previous reporting week, the overall reserves had declined $2.417 billion to $601.453 billion.

In October 2021, the country's foreign exchange reserves touched an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended August 11, the foreign currency assets, a major component of the reserves, increased $999 million to $534.399 billion, according to the Weekly Statistical Supplement released by the RBI. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were down $340 million to $44.34 billion, the RBI said. The special drawing rights (SDRs) were up $51 million to $18.324 billion.

The country's reserve position with the IMF was down $2 million to $5.098 billion in the reporting week, as per the apex bank data.

Meanwhile, the rupee on Friday edged lower by 1 paisa to settle at an all-time low of 83.10 against the US dollar, weighed down by a negative trend in domestic equities and foreign fund outflows. Forex traders said the rupee is likely to trade with a negative bias on risk aversion in global markets and a rising US dollar.

At the interbank foreign exchange, the domestic unit opened at 83.03 against the dollar and moved in a range of 83.02 to 83.13 in the day trade. It finally ended the day at 83.10, registering a fall of 1 paisa from its previous close. On Thursday, the rupee settled lower by 1 paisa at a record low of 83.09 against the US dollar.

Anil Kumar Bhansali, head of (treasury) and executive director of Finrex Treasury Advisors LLP, said, “The main reason for the falling rupee has been the interest differential between Yuan and the dollar falling, as China cuts interest rates while the US increases it. This has kept the Yuan weak and thus affecting the other Asian currencies including the rupee as nobody wants a strong currency to keep exports competitive."

He added that next week, the rupee is expected to remain in the range of 82.90 to 83.50, broadly towards weakness.

(With Inputs From PTI)

Source: News18
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