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India’s Forex Reserves Climb $2.49 Billion to $719.55 Billion After Previous Week’s Decline
India’s Forex Reserves Climb $2.49 Billion to $719.55 Billion After Previous Week’s Decline
The rupee strengthened 24 paise to 93.74 against the US dollar as lower crude prices and strong foreign inflows supported the Indian currency.
India's forex reserves declined by $2.691 billion to $717.056 billion in the week ended October 30, RBI data showed.
The rupee strengthened 12 paise to 94.72 against the US dollar, supported by positive equities and foreign fund inflows.
The rupee strengthened 46 paise to 94.45 against the dollar on India-US trade deal optimism, while high crude prices limited further gains.
India’s forex reserves fell by $8.578 billion to $726.027 billion in the week ended October 9, RBI data showed.
Indian Bank says RBI’s new forex risk reserve requirement could raise costs and put some pressure on profitability.
RBI Governor Sanjay Malhotra says recent forex measures are aimed at ensuring orderly rupee movement and curbing excessive speculative activity.
The rupee strengthened to a one-month high after fresh RBI forex measures and likely dollar-selling intervention supported the currency.
RBI announces new forex-market measures, including a special dollar supply window for state-owned oil companies and tighter derivative rules.
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