Forex reserves – The News Desk

India’s Forex Reserves Jump $2.6 Billion To $586 Billion, Gold Reserves Up By $499 Million

4Nov

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India’s Forex Reserves Jump $2.6 Billion To $586 Billion, Gold Reserves Up By $499 Million

India's forex reserves had reached an all-time high of $645 billion in October 2021.Special drawing rights were down by $15 million to $17.91 billionIndia’s foreign exchange reserves jumped $2.579 billion to $586.111 billion in the week ended October 27, according to the latest RBI data. In the previous reporting week, the overall reserves had dropped by $2.363 billion to $583.532 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 foreign currency reserve to defend rupee amid pressures caused majorly by global developments since last year.For the week ended October 27, the foreign currency assets, a major component of the reserves, increased by $2.303 billion to $514.504 billion, accordi...

How rupee is expected to gain from India’s entry into a major global bond index

The inclusion of India in a major global bond index is expected to strengthen the rupee against its peers, despite the possibility of higher US interest rates affecting the appeal of emerging market assets. The Reserve Bank of India is likely to absorb some of the incoming dollar inflows to support export competitiveness. The stable flow of overseas funds is seen as a cushion against multi-year rise in US bond yields and increasing crude oil prices.While significant dollar inflows from index inclusion are not expected for around six months, the rupee's outlook remains constructive, especially in contrast to the depreciating Chinese yuan and Malaysian ringgit against the US dollar.JP Morgan recently announced that India would be added to its Government Bond Index Emerging Markets global in...

RBI bought net $4.50 billion in spot foreign exchange market in June

â€“ bulletin MUMBAI, Aug 17 (Reuters) -The Reserve Bank of India (RBI) bought a net $4.50 billion in the spot foreign exchange market in June, data released on Thursday as part of the central bank's monthly bulletin showed. The RBI purchased $7.79 billion and sold $3.28 billion, the bulletin showed. In May, the central bank had bought a net of $7.37 billion in the spot market. The Indian rupee appreciated by 0.7% against the dollar in June, having traded in a range of 81.8575 to 82.6800. The RBI net outstanding forward purchase stood at $19.47 billion as of end-June, compared with a net purchase of $19.27 billion at the end of the previous month, the data showed. The central bank intervenes in the spot and forwards market to c...