FX Reserves Dip At $247.292 Bln - March 14, 2009

Foreign exchange reserves dropped for the second consecutive fortnight to $247.292 billion, from 249.278 billion a week earlier, the Reserve Bank of India (RBI) said in its weekly statistical supplement on Friday.

Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves such as the euro, pound sterling and yen, the central bank said.

However, annual money supply growth touched 19.6%. The government has continued to emphasize on ways and means advances (WMA) to meet its revenue mismatches, reflecting weakening of government finances.

Forex Reserves Slip $1.84 Billion - Feb 21, 2009

Foreign exchange reserves of the country dropped by $1.84 billion to $249.692 billion for the week ended 13th February. The reserves have declined after registering an increase for the past two weeks. For the week ended February 6, the reserves had increased by $2.92 billion to $251.532 billion.

Foreign currency assets decreased by $1.839 billion to $239.977 billion, according to the RBI''s weekly statistical supplement. The decrease in the reserves was due to the revaluation of the reserves, as the dollar gained against other currencies in the overseas markets, said a dealer with a private bank. Gold reserves remained unchanged at $8.88 billion. However, SDRs decreased by $2 million to $1 million. The reserve position in the IMF went up by $1 million to $830 million.

Indian Rupee Reported The Biggest Fall - Feb 18, 2009

The Indian rupee on Feb 17 reported the biggest fall in more than three months, to close at nearly two-and a half month low of 49.70/72 against the US currency. The forex dealers attributed the steep fall to the extremely sluggish global equity markets, which they said may lead to increased capital outflows. Besides this, the strong dollar buying by banks to sell in the offshore non-deliverable forwards market also put pressure.

The rupee in a one-way trade at the Interbank Foreign Exchange (Forex) market, opened sharply lower at 49.00/01 a dollar and fell further to settle at 49.70/72 a dollar. The domestic currency tumbled by 119 paise or 2.47 per cent on November 12, 2008.

Indian Rupee Fell - Feb 17, 2009

The Indian rupee on Feb 16 fell 15 paise to close at 48.82/83 as compared to the greenback. At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 48.78/79 a dollar and slipped further to close at 48.82/83. Besides the weak equity markets, the closing of markets in for observing President Day Holiday, weighed on the domestic currency.

Meanwhile, the benchmark Sensex on the Bombay Stock Exchange fell over 320 points as interim budget presented today in Parliament turned out to be a non-event.

Indian Firm Out Of FDI Cap - Feb 12, 2009

The foreign investment through investing Indian company will not be taken into account in determining the sector FDI cap, the government said. As per the revised norms, the equity investments routed through companies in which the majority ownership and control is in the hands of Indians would be treated as fully domestic equity. These changes are approved by the Cabinet Committee on Economic Affairs (CCEA) in the guidelines for calculating the total foreign investment, direct and indirect in Indian companies. The objective of this move is to make it simple as well as transparent.

Growth Of Loan Has Slowed Down - Jan 12, 2009

In the third quarter of 2009, the growth of loan has slowed down as compared to both previous year''s levels and the preceding Q2. Meanwhile, the foreign exchange reserves grew $627 million on account of the appreciation of gold in reserves.

According to the figures released by the Reserve Bank of India (RBI) in its weekly statistical supplement, total bank credit in December, including food and non-food credit, rose Rs 1,572 crore to Rs 26,45,415 crore. On the other hand, during the month the food credit rose by Rs 2,730 crore while the non-food credit dipped Rs 1,157 crore. Apart from this, the deposits increased by Rs 21,412 crore to touch Rs 35,69,352 crore as on 26 December.

For the quarter as whole, between September 26 and December 27, the total bank credit rose by Rs 102,947 crore as against a growth of Rs 1,11,806 crore in the same period a year ago and Rs 1,29,397 crore in the previous quarter ended September 2008.

The non-food credit between September and December 2008 grew by Rs 95,000 crore as compared with a growth of Rs 1,07,803 crore in the same period a year ago. Though in December the deposit growth slowed down, the quarter ended with a higher growth of RS 1,27,215 crore as against Rs 79,928 crore in the same period a year ago.

During the week ended January 2, the foreign exchange reserve including gold and SDR fell $627m to $ 255.2bn. While foreign currency assets grew 5$m largely on account of the revaluation of non-dollar assets in the reserves. The value of gold in reserves went up $624m.

Apart from this, the government availed of the ways and means advances. The outstanding WMA as on 2 January amounted to Rs 33,232 crore, way above the revised limit of Rs 20,000 crore.

Forex Reserves Rise $123 M On Revaluation - July 21, 2008

The foreign exchange reserves went up by $123 million to $308.520 billion for the week ended July 11. Last week, the reserves had dwindled by $3.393 billion to $308.397 billion. Foreign currency assets rose by $125 million to $298.786 billion during the week under consideration. Foreign currency assets expressed in US dollar terms include the effect of an appreciation or depreciation of non-US currencies. The reserves witnessed only a small increase since the RBI was seen selling dollars whenever the rupee breached the 43-mark last week. Gold and special drawing rights remained unchanged at $9.208 billion and $11 million, respectively. The reserve position in the International Monetary Fund fell by $2 million to $515million.

Rupee Up 16 Paise Against Dollar

Mumbai: The rupee appreciated 16 paise against the dollar tracking the movement in the domestic stock market. The rupee opened the day at 40.42 and went on appreciating gradually thereafter to close at 40.26/27 on March 24, up from the previous close of 40.42/43. According to the source, there was good dollar selling by banks and exporters which also helped the rupee to appreciate. Foreign exchange dealers said that the rupee would weaken and trade in the 40.30- 40.50 range this week.

Rupee Appreciates Marginally

Mumbai: The rupee appreciated by about three paise against the greenback on Feb 12. The home currency opened at 39.62/64 and saw an intra-day low of 39.69 before ending the day at 39.66/67, up from the previous close of 39.6950/ 70. Foreign exchange dealers said that the rupee will continue take cues from the global markets and will see some strengthening once there is recovery in global markets. In forwards, the six-month premia closed at 0.60 per cent (0.85 per cent) and the 12-month closed at 1.02 per cent (1.14 per cent).