Forex reserves rose to $399.533 billion as on November 17

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India’s foreign exchange reserves rose by $240.40 million as on November 17 to $399.533 billion, data from the RBI shows. Foreign currency assets, which form a key component of reserves, rose by $220.40 million from the previous week to $375.096 billion.

India’s foreign exchange reserves rose by $240.40 million as on November 17 to $399.533 billion, data from the RBI shows.

Foreign currency assets, which form a key component of reserves, rose by $220.40 million from the previous week to $375.096 billion.

FCAs are maintained in major currencies like US dollar, euro, pound sterling, Japanese yen etc.

Movement in the FCA occur mainly on account of purchase and sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets.

Gold reserves remained stable at $20.66 billion.

Special drawing rights (SDR) from the International Monetary Fund rose by $7.9 million from the previous week to $1.497 billion.

SDR is an international reserve asset created by the IMF and allocated to its members in proportion of their quota at the IMF.

The Reserve Position in the IMF rose by $12.1 million to $2.273 billion.

Source: Financial Express

Forex kitty swells by $3.57 billion, closes in on $400 bn-mark

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In the previous week, the reserves had increased by USD 1.148 billion to USD 394.55 billion.

The forex reserves surged by a massive USD 3.572 billion to touch a record high of USD 398.122 billion for the week ended September 1, on account of rise in foreign currency assets, RBI data showed on Friday.

In the previous week, the reserves had increased by USD 1.148 billion to USD 394.55 billion.

Last month, American brokerage Morgan Stanley had forecast that the reserves might touch the USD 400 billion mark in the week to September 8. And if the rise in the kitty continues with the same speed, it may cross that magic numbers next week.

The foreign currency assets (FCAs), a major component of the overall reserves, increased by USD 2.808 billion to USD 373.641 billion for the reporting week, according to the data.

Expressed in US dollar terms, FCAs include the effect of appreciation or depreciation of non-US dollar currencies, such as the euro, the pound and the yen held in the reserves.

After remaining unchanged for many weeks, gold reserves also rose by USD 748.3 million to USD 20.691 billion.

The special drawing rights with the International Monetary Fund (IMF) increased by USD 6.5 million to USD 1.506 billion, the apex bank said.

The country’s reserve position with the IMF also increased by USD 9.8 million to USD 2.283 billion, it said.

Source: Zee News

Forex reserves hit record high of $393.612 billion

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The gold reserves remained unchanged at $19.943 billion.

The country’s foreign exchange reserves rose by USD 163.8 million to touch a new life-time high of USD 393.612 billion in the week ended August 11, helped by rise in foreign currency assets (FCAs), the Reserve Bank data showed.

In the previous week, the reserves had increased by USD 581.1 million to USD 393.448 billion.

FCAs, a major portion of the overall reserves, rose by USD 175.6 million to USD 369.899 billion, the data showed.

Expressed in US dollar terms, FCAs include effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves.

The gold reserves remained unchanged at USD 19.943 billion.

 

The special drawing rights with the International Monetary Fund (IMF) declined by USD 5.8 million to USD 1.498 billion.

The country’s reserve position with the IMF also dipped by USD 6 million to USD 2.271 billion, the apex bank said.

Foreign exchange reserves in India hit record high of $382 bn, grows 6% in 2017

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Foreign exchange reserves touched a record high of $381.96 billion as on June 16, compared $381.16 billion in the previous week, the Reserve Bank of India said in its weekly statistical supplement on Friday. Foreign currency assets (FCAs), the largest component of the foreign exchange reserves, increased to $358.08 billion from $357.28 billion in the previous week, central bank data showed. Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves. So far in 2017, foreign exchange reserves have grown 6% and have touched record levels five times since April, as the RBI has aggressively been buying dollars to prevent a sudden jump in the rupee.

The central bank has been buying dollars on a daily basis, both in the spot market as well as in the forward market, to limit the appreciation of the local currency, which has been gaining steadily, traders said. The rupee has gained about 5% since the beginning of the year. Among other factors, strong demand for the local currency from foreign portfolio investors (FPIs) looking to invest in Indian assets has caused the rupee to appreciate. FPIs have bought Indian shares and bonds worth around $22 billion so far in 2017. Given India’s low current account and fiscal deficits, and the advantage it offers in terms of interest rate differential, traders expect the inflows to continue in the near-term.

The central bank has always maintained that it does not want to influence the exchange rate for the rupee, but would take steps, including intervention in the spot market, to curb extreme volatility. According to the latest available data, the RBI’s outstanding net forward purchases in April stood at $13.55 billion, up from $10.84 billion in the previous month. On the other hand, net purchase in the spot market dropped to $0.57 billion in April from $3.54 billion in March. The RBI publishes data on the sale and purchase of dollar with a lag of two months.

Source: http://www.financialexpress.com/economy/foreign-exchange-reserves-in-india-hit-record-high-of-382-bn-grow-6-pct-in-2017/733287/