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☆ Asia markets largely set to rise ahead ahead of China's inflation numbers and India's rate decision
▼ + stars: | 2024-02-08 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A butcher (L) shows a piece of pork to a customer at a market in Beijing on July 10, 2019. NICOLAS ASFOURI | AFP | Getty ImagesAsia-Pacific markets are set to rise as investors look toward China's inflation figures for and the Reserve Bank of India's rate decision. China's consumer price index for January is expected to fall 0.5% year-on-year, while the Reserve Bank of India is forecast to hold rates at 6.5%. Japan's Nikkei 225 is also set to rise, with the futures contract in Chicago at 36,375 and its counterpart in Osaka at 36,280 against the index's last close of 36,119.92. However, futures for Hong Kong's Hang Seng index stood at 16,024, pointing to a weaker open compared with the HSI's last close of 16,081.89.

Persons: NICOLAS ASFOURI Organizations: AFP, Getty, Reserve Bank, Reserve Bank of, Nikkei Locations: Beijing, Asia, Pacific, Reserve Bank of India, Australia, Chicago, Osaka

☆ India's Nifty 50 hits all-time high after upbeat growth data
▼ + stars: | 2023-12-01 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The NSE Nifty 50 index (.NSEI) rose as much as 0.52% to 20,238.45, a new record high, while the S&P BSE Sensex (.BSESN) was up 0.44% at 67,286.16, as of 9:35 a.m. IST. "India's growth outlook remains positive, with various capex initiatives of the government likely to trigger consumption at the bottom of the pyramid," Pramod Gubbi, founder of Marcellus Investment Management, said. India's Nifty and Sensex posted their best month in 2023 in November, aided by the return on foreign portfolio investor (FPI) inflows. India's general elections are due early next year. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Gubbi, India's, Sensex, Madhavi Arora, Bharath Rajeswaran, Sonia Cheema Organizations: National Stock Exchange, REUTERS, Rights, NSE, BSE, Reuters, Reserve Bank, Marcellus Investment Management, Wall, Dow Jones, Bharatiya Janata Party, BJP, Indian National Congress, Emkay Global Financial Services, Thomson Locations: Mumbai, India, U.S, Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, Bengaluru

☆ India rupee to rally after data reaffirms Fed done with rate hikes
▼ + stars: | 2023-11-06 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Nov 6 (Reuters) - The Indian rupee is expected to rise at open on Monday after softer-than-expected U.S. jobs data reinforced expectations that the Federal Reserve will not hike interest rates further. Non-deliverable forwards indicate the rupee will open at around 83.08-83.12 to the U.S. dollar compared with 83.2850 in the previous session. Asian currencies extended last week's advance after the dollar index slumped on Friday following data that indicated that the U.S. labor market was cooling. "Last week’s Fed meeting and latest data flow suggest the rate hike cycle is most likely over. "It's to be fully expected that the rupee will underperform in times when the dollar is under stress," the forex trader said.

Persons: Nimesh Vora, Mrigank Organizations: Federal Reserve, U.S, Reuters, Treasury, Fed, DBS Research, Korean, Malaysian, Reserve Bank of, Brent, Thomson Locations: MUMBAI

☆ Rupee rises on oil pullback; dollar liquidity remains inadequate
▼ + stars: | 2023-10-25 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas/File photo Acquire Licensing RightsMUMBAI, Oct 25 (Reuters) - The Indian rupee rose marginally on Wednesday, helped by retreating oil prices and U.S Treasury yields, while the dollar/rupee cash swap rate indicated that dollar liquidity was less than sufficient. The rupee was at 83.1500 to the U.S. dollar at 11:53 a.m. IST, up from its previous close of 83.1925 but slightly below its open at 83.0650. Meanwhile, USD/INR swap rate for today over tomorrow was at 0.15 paisa following the expiry of the Reserve Bank of India's $5 billion swap on Monday. At 0.15 paisa, the imputed rupee lending rate for raising dollars is 6%, which is 80 basis points below the rupee call rate.

Persons: Francis Mascarenhas, Brent, Morgan Stanley, Nimesh Vora, Varun Organizations: REUTERS, Rights, Treasury, U.S, Reserve Bank, India's, Thomson Locations: Mumbai, India, Rights MUMBAI, Asia, U.S

☆ Rupee may drop on weak risk, eyes fallout of RBI's swap maturity
▼ + stars: | 2023-10-23 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. Non-deliverable forwards (NDFs) indicate the rupee will open at around 83.16-83.18 to the U.S. dollar, compared with 83.1225 in the previous session. The rupee on Friday managed a small relief rally on aggressive intervention by the RBI in NDFs and spot. Its looks like the intervention "will not prove too sticky" and the rupee "will be back under pressure", a forex trader at a bank said. The RBI's swap maturity has promoted concerns about a dollar crunch and the central bank, like last week, may once again be a provider of dollars, according to traders.

Persons: Francis Mascarenhas, Nimesh Vora, Sonia Cheema Organizations: REUTERS, Rights, Reserve Bank, India's, U.S ., Federal Reserve, Fed, ANZ, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, NDFs

☆ Indian inflation seen easing to 5.50% in Sept on softening food price rises: Reuters poll
▼ + stars: | 2023-10-10 | by ( Milounee Purohit | ) www.reuters.com time to read: +2 min

Rises in food prices, which make up about half the consumer price index (CPI), continue to cool from recent peaks after the Indian government enacted a series of measures to boost supply. "Having said that, the persistent part of the food inflation problem remains there, which is cereals, pulses and spices, and I think the RBI can't do much about it anyway." Rising crude oil prices are also likely to keep inflation elevated in the world's third-largest oil importer. Oil prices rose around 3% on Monday to trade around $90 a barrel. "Oil prices ... are likely to remain high over the remainder of the year on global supply concerns," said Alexandra Hermann at Oxford Economics.

Persons: Amit Dave, Dhiraj Nim, Alexandra Hermann, Milounee Purohit, Anant Chandak, Veronica Khongwir, Hari Kishan, Mark Potter Organizations: REUTERS, Reserve Bank of India's, CPI, ANZ Research, Oxford, Inflation, Thomson Locations: Ahmedabad, India, BENGALURU

☆ India central bank keeps key rate steady; liquidity measures in focus
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Oct 6 (Reuters) - The Reserve Bank of India's key lending rate was held steady at a fourth consecutive policy meeting on Friday, as widely expected, with investors more focused on the regulator's liquidity management plan amid a resurgence in inflation. The country's monetary policy committee (MPC) kept the repo rate (INREPO=ECI) unchanged at 6.50%, in a unanimous decision. It has raised rates by 250 basis points (bps) since May 2022 in a bid to cool surging prices. High inflation has put the focus back on liquidity management amid the reduced ability to keep hiking rates at the risk of hurting growth and commentary and further measures, if any, are being closely monitored by market participants.

Persons: Francis Mascarenhas, Das, Swati Bhat, Sudipto Ganguly, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, Reserve Bank of, Reuters, Thomson Locations: Mumbai, India, Rights MUMBAI

Oct 6 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. A batch of data from Japan includes household spending and consumption figures, leading indicators, and the latest foreign exchange reserves. But Bank of Japan money market data indicates that the yen's jump on Tuesday was not the product of yen-buying intervention. The big policy event in Asia will be the Reserve Bank of India's interest rate decision, and more importantly, its guidance. The rupee goes into the meeting trading at 83.00 per dollar, right down at August's record low 83.45 per dollar.

Persons: Jamie McGeever, payrolls Organizations: Bank, Reserve Bank, U.S, Thomson, Reuters Locations: Japan, Asia, U.S, India

[1/2] A man walks in front of the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsSept 12 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. They now expect the central bank's 'yield curve control' policy to end in October, compared with April 2024, and for the negative interest rate policy to end in January 2024, versus December 2024. Beyond the Japanese policy drama, investors will also have the latest Indian inflation and industrial production data, and Australian business and consumer sentiment figures to digest on Tuesday. The currency is getting little support from the interest rate outlook - economists currently expect the RBI to keep rates on hold then start easing policy the second quarter of next year.

Persons: Issei Kato, Jamie McGeever, Kazuo Ueda, Josie Kao Organizations: Bank of Japan, REUTERS, of, Government Bond, Barclays, Deutsche Bank, Reserve Bank of India's, Bank, Thomson, Reuters Locations: Tokyo, Japan, Indonesian, Philippine, India, Australia, Korea

☆ Rupee to see some relief on pullback in US yields, dollar index
▼ + stars: | 2023-09-08 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Sept 8 (Reuters) - The Indian rupee is expected to open higher on Friday on the back of a pullback in U.S. Treasury yields and a broadly softer dollar. Non-deliverable forwards indicate the rupee will open at around 83.12-83.14 to the U.S. dollar compared with 83.21 in the previous session. The rupee has been flirting with the record low of 83.29 and has largely avoided it, thanks to the Reserve Bank of India's (RBI) intervention. The dollar index retreated in the Asia session to 104.86, having reached a six-month high of 105.15 in the New York session. Another round of losses in the yuan suggest that upside on the rupee following the open "will not be much", the forex traders said.

Persons: Nimesh Vora, Sonia Cheema Organizations: Treasury, U.S, Reserve Bank of India's, New, ANZ, Brent, Thomson Locations: MUMBAI, Mumbai, Asia, New York, U.S

☆ Indian shares open higher ahead of RBI minutes, central bankers' meet
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: 1 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Aug 23 (Reuters) - Indian shares opened marginally higher on Wednesday amid muted global market moves, with traders awaiting the Reserve Bank of India's policy meeting minutes and a key global central bankers' gathering. The Nifty 50 (.NSEI) index was up 0.10% at 19,414.20 at 9:15 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.09% to 65,278.01. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Varun Organizations: Bombay Stock Exchange, REUTERS, Rights, Reserve Bank of, BSE, Thomson Locations: Mumbai, India, Bengaluru

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. India's trade deficit with the UAE was $21.62 billion in 2022/23, or 8.2% of its total deficit, government data shows. An RBI official communicated this message verbally to foreign exchange dealers at a seminar this month, four sources said. The central bank is "keen that volumes of such trades go up" and "has assured the market that they will be ready to support banks with INR-AED trades," this banker said. "The RBI is telling banks to first encourage large clients and corporates to start INR-AED trades because their balance sheets are relatively stronger," another banker said.

Persons: Francis Mascarenhas, corporates, Siddhi Nayak, Jaspreet, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, United Arab, Reuters, Reserve Bank, Indian Oil Corp, Abu Dhabi National Oil Co, Siddhi, Thomson Locations: Mumbai, India, Rights MUMBAI, DELHI, United Arab Emirates, UAE, dirhams, Abu Dhabi

☆ Indian shares set to open lower; domestic inflation data in focus
▼ + stars: | 2023-08-14 | by ( Manvi Pant | ) www.reuters.com time to read: +2 min

A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Aug 14 (Reuters) - Indian shares on Monday are expected to start on a slightly weaker note in the holiday-truncated week as earnings season draws to a close, ahead of domestic retail inflation data due later in the day. India's GIFT Nifty on the NSE International Exchange was down 0.28% at 19,432 at 7.58 a.m. IST. Foreign investors sold shares worth 30.73 billion Indian rupees ($370.80 million) on Friday, according to provisional data from the National Stock Exchange (NSE). ($1 = 82.8740 Indian rupees)Reporting by Manvi Pant in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Manvi, Eileen Soreng Organizations: National Stock Exchange, REUTERS, NSE, Reserve Bank of India's, ITC, Vodafone, BSE, Associates, Deloitte, Natural Gas Corporation, Jindal Steel, Thomson Locations: Mumbai, India, BENGALURU, China, Beijing, Manvi Pant, Bengaluru

☆ India July inflation likely breached RBI's 6% upper tolerance level - Reuters poll
▼ + stars: | 2023-08-09 | by ( Milounee Purohit | ) www.reuters.com time to read: +2 min

That will hit the vast majority of India's population who make up the poor and middle classes. The Aug. 3-8 Reuters poll of 53 economists predicted the consumer price index (CPI) (INCPIY=ECI) rose at an annual rate of 6.40% in July. "There are no signs of any sequential moderation in food prices in August," noted Rahul Bajoria, chief India economist at Barclays. If the poll median is correct, the current surge in inflation was likely to outstrip the 5.2% the RBI projects for this quarter. The survey also showed wholesale price inflation (INWPI=ECI), the change in producer prices, likely fell 2.70% year-on-year in July, after a 4.12% decline in June.

Persons: Rahul Bajoria, Kunal Kundu, Milounee Purohit, Devayani Sathyan, Veronica Khongwir, Hari Kishan, Alexandra Hudson Organizations: Reserve Bank of India's, Barclays, Societe Generale, Alexandra Hudson Our, Thomson Locations: BENGALURU, India

☆ India is said to be an 'oasis' in the desert. Here are some sectors to watch for
▼ + stars: | 2023-07-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +8 min

Major economies were hit by higher inflation during the Covid-19 pandemic, but India's inflation was already elevated. In June, India's inflation rate was 4.81%, which remains within the Reserve Bank of India's tolerance band of 2% to 6%. There is a paradigm shift and flight of capital from Indian households savings to equity to contribute to the India growth story," Azeez told CNBC's "Squawk Box Asia" last week. "So whichever way one looks at the economic numbers, India appears as an oasis in the global desert," he added. watch nowHowever, Matthew Asia's Mittal said that instead of buying into pharmaceutical companies, upstream companies such as Syngene will be a good investment opportunity.

Persons: Goldman Sachs, Darren Robb, Feroze Azeez, Anand, Azeez, CNBC's, Nifty, it'll, Soumya Rajan, Peeyush Mittal, Nilesh Shah, Shah, Financials, Rajan, Waterfield's Rajan, We've, we've, Hindenburg, Matthews, Mittal, India's, Nestle, Kotak's Shah, Punit Paranjpe, Matthew Asia's Mittal Organizations: Bank, Getty, Wealth, Reserve Bank, Monetary Fund, Waterfield, Matthews Asia, CNBC, Mahindra Asset Management, IDFC, IDFC Ltd, HDFC Bank, Housing Development Finance Corporation, India's HDFC Bank, ICICI Bank, Bajaj Finance, Mahindra Finance, Nestle, World Bank, Nurphoto, Hindustan Unilever, Britannia Industries, Manufacturing Global, Godrej Aerospace, Afp Locations: India, United Kingdom, Japan, Mumbai, China, Nestle India, LuLu, Lulu, Kerala

☆ India forex reserves top $600 billion, rise to near 15-month high
▼ + stars: | 2023-07-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

They rose by $12.74 billion from the week earlier - the biggest gain in four months - having risen by a total of $3.08 billion in the prior two weeks. "A major portion of the week-on-week jump in forex reserves is driven by revaluation gains due to dollar weakness and reduction in U.S. Treasury yields," said Gaura Sen Gupta, India economist at IDFC FIRST Bank. The current level of forex reserves, along with the RBI's forward foreign exchange book of $19.3 billion, is enough to cover over 11 months of imports, Reuters' calculations showed. In the week for which the forex reserves data pertains, the rupee had logged its best week in four. Foreign Exchange Reserves (in million U.S. dollars)Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx)Reporting by Siddhi Nayak; Editing by Sohini Goswami and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Gaura Sen Gupta, Sen Gupta, Siddhi Nayak, Sohini Goswami, Nivedita Organizations: Treasury, IDFC FIRST Bank, Reuters, Reserve Bank of India's, National Securities Depository Limited, Foreign Exchange, Siddhi, Thomson Locations: MUMBAI, U.S, India

☆ India needs to grow at 7.6% a year for 25 yrs to be a developed nation -cenbank bulletin
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 17 (Reuters) - India will need to grow at a rate of 7.6% annually for the next 25 years to become a developed nation, according to a research paper published by the central bank in its monthly bulletin on Monday. India's per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country. "It may, however, be mentioned that the best (nominal growth) India achieved over a period of consecutive 25 years in the past is a CAGR of 8.1% during 1993-94 to 2017-18." To reach that level of sustained growth, India requires investment in physical capital and reforms across sectors covering education, infrastructure, healthcare and technology, the study said. The country's industrial and services sector would need to grow at over 13% annually for these 25 years for India to achieve developed economy status, it said.

Persons: Ira Dugal, Savio D'Souza Organizations: Bank, Reserve Bank, Thomson Locations: MUMBAI, India

☆ ASIA Inflation appetizer served before central bank main course
▼ + stars: | 2023-06-12 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +3 min

Wall Street's major averages continued to push higher, with the tech-heavy Nasdaq ending up well over 1%. The monthly U.S. consumer price index report is expected to show the country's inflation rate slowing from 4.9% annually to 4.1%. CPI has been a fixation for markets after it soared to 40-year highs last year, prompting aggressive monetary tightening. On Monday, data showed India's annual retail inflation cooled to a more than two-year low of 4.25% in May as cost pressures on food eased, moving closer to the Reserve Bank of India's target of 4%. The Fed is part of a generous helping of central bank meetings this week, with the European Central Bank and Bank of Japan also on tap.

Persons: Lewis Krauskopf, Deepa Babington Organizations: Japan's Nikkei, CPI, Federal Reserve, Reserve Bank of Australia, Reserve Bank, European Central Bank and Bank of, Brent, U.S, Thomson, Reuters Locations: Lewis, U.S, Australia, European Central Bank and Bank of Japan, Japan

Food inflation, which accounts for nearly half of the overall consumer price basket, moderated to 2.91% in May against 3.84% in April. "Food inflation benefited from a sequential fall in the prices of fruits and oils," said Suvodeep Rakshit, economist at Kotak Institutional Equities. Core inflation, which had been easing after being a key concerns for months, remained below 6% for a third consecutive month. According to two economists' estimates, core inflation was 5.02% in May, compared with 5.2% in April. The Indian government does not release figures of core inflation, which strips out volatile food and energy prices.

Persons: Suvodeep Rakshit, Devendra Kumar Pant, Nikunj Ohri, Aftab Ahmed, Andrew Heavens Organizations: Reserve Bank of India's, Reuters, El, Thomson Locations: DELHI, Asia, India

☆ Rupee seen higher on dollar slump as data backs Fed rate pause
▼ + stars: | 2023-06-09 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, June 9 (Reuters) - The Indian rupee is poised to open higher on Friday, tracking losses on the dollar after a jump in U.S. jobless claims made it more likely that the Federal Reserve will refrain from raising rates next week. Non-deliverable forwards indicate the rupee will open at around 82.44-82.46 to the U.S. dollar compared with 82.5625 in the previous session. "The data further support market expectation for a pause by the U.S. Fed at its next meeting," OCBC Treasury Research said in a note. The odds of a Fed rate hike at the June 13-14 meeting is now at 1-in-4. 7** NSDL data shows foreign investors bought a net $18.1mln worth of Indian bonds on Jun.

Persons: Nimesh Vora, Nivedita Organizations: Federal, U.S, Reserve Bank of, Fed, Research, Brent, Thomson Locations: MUMBAI, U.S, Asia

☆ India's central bank isn't letting its guard down, economist says
▼ + stars: | 2023-06-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's central bank isn't letting its guard down, economist saysSonal Varma of Nomura discusses the outlook for the Reserve Bank of India's monetary policy and says it's monitoring factors such as El Nino and a potential rise in oil prices. She adds that an interest rate hike is unlikely.

Persons: Sonal Varma, Nomura Organizations: Reserve Bank, El Nino

Despite hitting an 18-month low of 4.70% in April, analysts do not expect India's inflation to fall to the Reserve Bank of India's (RBI) 4% medium-term target in a sustainable manner for some time. India has raised rates by 250 basis points (bps) since May 2022, but surprised analysts in April by keeping them unchanged. India's hold on rates contrasts with recent central bank actions elsewhere. "Our goal is to achieve the inflation target of 4% and keeping inflation within the comfort band of 2-6% is not enough," Das said. Das said that the central bank would remain "nimble" with its liquidity operations amid spikes in overnight rates despite surplus liquidity in the banking system.

Persons: Shaktikanta Das, OIS, Das, Michael Patra, Suvodeep Rakshit, Gaura Sen Gupta, Swati Bhat, Sudipto Ganguly, Ira Dugal, Krishna N, Sam Holmes, Kim Coghill Organizations: REUTERS, Reserve Bank of India's, MPC, Reserve Bank of Australia, Bank of Canada, Reuters, Reuters Graphics Reuters, IDFC, Thomson Locations: Delhi, India, Anushree, MUMBAI

☆ Indian shares open higher ahead of RBI rate decision
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, June 7 (Reuters) - Indian shares opened higher on Wednesday, tracking global peers, ahead of the Reserve Bank of India's monetary policy decision and on hopes of an interest rate pause by other major central banks. The blue-chip Nifty 50 (.NSEI) index was up 0.36% at 18,665.60 as of 9:15 a.m. IST, while the benchmark S&P BSE Sensex (.BSESN) rose 0.20% to 62,917.39. ($1 = 82.5316 Indian Rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bharath Rajeswaran, Sonia Cheema Organizations: Reserve Bank, BSE, Thomson Locations: BENGALURU, Bengaluru

☆ India's forex reserves fall for second straight week
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, June 2 (Reuters) - India's foreign exchange reserves (INFXR=ECI) fell for a second consecutive week and stood at a one-month low of $589.14 billion as of May 26, the Reserve Bank of India's (RBI) data showed on Friday. Reserves had fallen by $6.05 billion in the week ended May 19, the biggest fall in more than three months. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. The rupee rose 0.1% in the week ended May 26, having traded in a range of 82.5575 to 82.8500. The rupee ended at 82.3050 on Friday to record its best week in five.

Persons: Siddhi Nayak, Savio D'Souza Organizations: Reserve Bank of India's, International Monetary Fund, Siddhi, Thomson Locations: MUMBAI

☆ India's forex reserves edge towards $600 billion, hit near 1-year high
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

Changes in forex reserves also stem from valuation gains or losses. For the week to which the forex reserves data pertains, the rupee fell by 0.4%, dragged down by a broader strength in the dollar index. The local unit had traded in a range of 81.6900 to 82.2250. The rupee fell further by 0.6% this week, its worst fall in two months. The local unit ended at 82.66 against the dollar on Friday.

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