India's foreign exchange reserves rose by over $3 billion during the week ended May 22. According to the RBI's weekly statistical supplement, the overall forex reserves increased to $490.044 billion from $487.039 billion reported for the week ended May 15.
The rupee appreciated by 25 paise to settle at 75.66 against the US dollar on Tuesday as reports of initial success in COVID-19 vaccine trials boosted investor sentiment world over.
The rupee on Thursday recovered from record low levels to settle 6 paise higher at 76.28 against the US dollar tracking gains in equity markets and foreign fund inflows. The local unit had settled at an all-time low of 76.34 against the greenback on Wednesday.
The rupee pared its initial gains to settle marginally higher at 74.24 against the US dollar on Tuesday amid continued meltdown in equity markets and sustained foreign fund outflows. Forex traders said the Indian rupee which started the day on a positive note, witnessed heavy volatility amid fears that the rate cut by the Reserve Bank would not be sufficient to boost market sentiments.
The rupee recovered 56 paise to settle at 73.61 (provisional) against the US dollar on Wednesday amid positive domestic equities and weakening of the American dollar in the overseas market.
India's foreign exchange reserves inched up by USD 29 million to a fresh lifetime high of USD 476.122 billion in the week to February 21, aided by an increase in the value of gold holdings, Reserve Bank data showed on Friday. The forex kitty had zoomed by USD 3 billion to USD 476.092 billion in the previous reporting week.
The rupee on Thursday settled flat at 71.33 (provisional) against the US dollar after weak macro-economic data disappointed market participants. Forex traders said disappointing macro economic numbers and weak domestic equities weighed on the local unit
The Indian rupee moved up by 13 paise to close at 71.25 against the US dollar on Tuesday as forex market participants gauged improved sentiment in global markets amid efforts to contain deadly coronavirus. The Indian currency was also supported by Brent crude prices at lower levels and foreign fund inflows into domestic equities.
The financial year 2018-19 saw a handsome Rs 91.63 crore spike in India's foreign exchange earnings from launching of foreign satellites.
In the reporting week, the rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which rose by USD 2.642 million to USD 419.367 billion, according to the data.
The rupee depreciated by 14 paise to close at 71.02 against the US dollar on Monday as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.
The foreign exchange reserves touched a record high of USD 434.6 billion as on October 1. While announcing fourth bi-monthly monetary policy, the RBI Governor Shaktikanta Das said as of October 1 the forex kitty peaked to the record high. Between April and October 1, the country's forex reserves had increased by USD 21.7 billion.
Gold on Monday climbed Rs 460 to Rs 38,860 per 10 gram in the national capital on a weak rupee and higher oil prices, which led to investors opting for safe haven commodities, according to HDFC Securities.
A detailed search of the passengers and their baggage resulted in recovery of euros 1,52,000, equivalent to Rs 1.27 crore, the officials said.
Two men have been arrested by customs officials at Delhi airport for allegedly smuggling gold and forex worth lakhs by concealing them in rectum in two separate cases, officials said Monday.
At the interbank foreign exchange, the domestic unit opened almost flat at 69.70 against the dollar and then it strengthened by 5 paise to quote at 69.67 in early trade.
Customers can load up to $250,000 in a financial year into the forex card and buy up to $3,000 as currency notes
The ED has issued a show cause notice to Karti Chidambaram in a case of alleged violations of the foreign exchange laws to the tune of Rs 45 crore.
Mumbai: The rupee continued to fall against the American currency for the third day today, slipping by another three paise to 2-month closing low at 66.80 per dollar on persistent dollar demand from banks and
India's foreign exchange reserves went down by $1.13 billion to $361.99 billion as on May 6, 2016, the Reserve Bank of India (RBI) said.
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