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☆ India's forex reserves rise at fastest pace since August 2021
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Nov 18 (Reuters) - India's foreign exchange reserves (INFXR=ECI) rose to $544.72 billion in the week through Nov. 11, marking their biggest weekly jump in more than a year, the Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday. The country's reserves were at $529.99 billion by Nov. 4. In the week ended Nov. 11, softer-than-expected U.S. inflation data helped the rupee mark its best weekly performance in about four years and strengthened it to the 80-per-dollar handle for the first time since mid-September. For the current week, the local currency gave back some of those gains to end down 1.1% at 81.6850 per dollar. Reporting by Anushka Trivedi in Mumbai; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Modi, Britain's Sunak meet at G20, discuss ways to boost trade
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/3] British Prime Minister Rishi Sunak and India's Prime Minister Narendra Modi hold a bilateral meeting on November 16, 2022 in Nusa Dua, Indonesia. Leon Neal/Pool via REUTERSNov 16 (Reuters) - Indian Prime Minister Narendra Modi said he met his British counterpart Rishi Sunak at the Group of 20 summit in Bali on Wednesday and discussed ways to boost trade between the two countries. It was the first meeting between Modi and Sunak, who is of Indian origin, since he became British prime minister in October. Modi also met Australian Prime Minister Anthony Albanese, French President Emmanuel Macron and Germany Chancellor Olaf Scholz, among other leaders at the summit on Wednesday. During their meeting, Modi and Albanese reviewed progress made by the two countries in defence, trade, education and clean energy, India's foreign ministry said in a statement.

☆ India's Modi meets Biden at G20 summit, shakes hands with China's Xi
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/3] President of the U.S. Joe Biden speaks with Prime Minister of India Narendra Modi at the G20 Summit opening session in Nusa Dua, Bali, Indonesia, Tuesday, Nov. 15, 2022. PRASETYO UTOMO/G20 Media Center/Handout via REUTERSNEW DELHI, Nov 15 (Reuters) - India's Prime Minister Narendra Modi discussed global and regional developments in a meeting with U.S. President Joe Biden on Tuesday at the Group of 20 (G20) summit in Indonesia, India's foreign ministry said. Modi also exchanged courtesies with Chinese President Xi Jinping at the end of a G20 dinner, according to government sources. Modi and Xi came face-to-face previously at a summit of regional security group Shanghai Cooperation Organisation in Uzbekistan in September. The Indian premier has also met British Prime Minister Rishi Sunak, World Bank president David Malpass, and International Monetary Fund (IMF) managing director Kristalina Georgieva, among other leaders, at the G20 summit on the Indonesian island of Bali.

☆ Exclusive: India can buy as much Russian oil as it wants, outside price cap, Yellen says
▼ + stars: | 2022-11-14 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen said. Final details of the price cap to be imposed by wealthy G7 democracies and Australia are still coming together ahead of a Dec. 5 deadline. Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. India's finance and energy ministries were not available for comment on Yellen's remarks, but other officials have said they were wary of the untested price cap mechanism. "I do not think we will follow the price cap mechanism, and we have communicated that to the countries.

☆ EXCLUSIVE India can buy as much Russian oil as it wants, outside price cap, Yellen says
▼ + stars: | 2022-11-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

His trip comes as U.S. Treasury Secretary Janet Yellen visits New Delhi this week to hold talks with Indian officials, including possibly on capping Russian oil prices. India has become Russia's largest oil customer after China, as its refiners snap up discounted cargoes shunned by Western buyers. Russia's share of India's oil imports surged to an all-time high of 23% in September, from just about 2% before the invasion. Jaishankar said India needed to boost its exports to Russia to balance bilateral trade that is now tilted towards Russia. Reporting by Shivam Patel in New Delhi, Editing by Louise Heavens and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ India should allow gradual rupee weakening, use fx reserves 'judiciously' - govt adviser
▼ + stars: | 2022-11-07 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

NEW DELHI, Nov 7 (Reuters) - India's central bank should allow rupee to depreciate gradually and use foreign exchange reserves judiciously, the government's chief economic adviser V. Anantha Nageswaran on Monday. Nageswaran comment on the rupee and foreign exchange reserves is the first official government comment since concerns about dwindling currency reserves emerged earlier this year. India's foreign currency reserves have fallen from a peak of $642 billion to $531 billion partly due to dollar sales to support the rupee. “We should in the short-run allow the rupee to depreciate gradually and we should use forex exchange reserves judiciously,” Nageswaran said at an online event. “We should augment foreign exchange reserves and that will help with any contingencies,” he added.

MUMBAI, Oct 25 (Reuters) - The Indian rupee is expected to open slightly lower versus the dollar on Tuesday after the offshore Chinese yuan tumbled to a lifetime low. The rupee is tipped to open at around 82.74-82.76 per U.S. dollar, compared with 82.6750 on Friday. Meanwhile, the dollar index dipped in Asia trading, adding to is recent losses on bets that the U.S. Federal Reserve will deliver a small rate hike in December. If it were not for yuan, the rupee would have had "had a decent opening" considering the "slightly less" hawkish Fed outlook, a trader at a Mumbai-based bank said. Another fall in India's foreign exchange "is probably another problem" for the rupee, the trader said.

☆ India cenbank's FX intervention via forwards may hamper rupee's defence -analysts
▼ + stars: | 2022-10-17 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 17 (Reuters) - The Reserve Bank of India's (RBI) forex intervention through forward dollar sales instead of an on-spot basis may undermine its effort to boost the rupee, analysts said. The central bank has been selling dollars in spot and conducting buy/sell swaps to shift the delivery of dollars to a future date. Register now for FREE unlimited access to Reuters.com RegisterA buy/sell swap involves an agreement to buy dollars at the spot date and to sell dollars at a future predetermined rate. The difference between the sell rate and the buy rate is the forward premium. Meanwhile, the fall in premiums also dissuades exporters to sell dollar forward.

☆ India tells Gambia it is probing childrens' deaths linked to India-made drugs
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Logo of the Maiden Pharmaceuticals Ltd. company is seen on a board outside their office in New Delhi, India, October 6, 2022. The matter "is being seriously investigated by appropriate authorities," India's foreign minister S Jaishankar said in a tweet. Known as a "pharmacy of the world", India supplies 45% of all generic medicines to Africa. The WHO issued a medical product alert last week asking regulators to remove Maiden goods from the market. The U.N. health agency said that laboratory analysis of four Maiden products - Promethazine Oral Solution, Kofexmalin Baby Cough Syrup, Makoff Baby Cough Syrup and Magrip N Cold Syrup - had "unacceptable" amounts of diethylene glycol and ethylene glycol, which can be toxic and cause acute kidney injury.

India's foreign minister followed up last week at the U.N. Security Council, describing the trajectory of the Ukraine war as "very concerning" and the risk of a nuclear escalation as of "particular anxiety". Moreover, India is worried the war is pushing Russia closer to China, which has fraught relations with New Delhi, the analysts said. "This is countering a narrative that India and China are both doing the same thing – that China is supporting Russia and India, by sitting on the fence, is also supporting Russia," Raghavan told Reuters. India and Russia have had deep relations for decades: Russia accounted for $5.51 billion of the $12.4 billion that India spent between 2018 and 2021 on arms imports. "As the Ukraine conflict continues to rage, we are often asked whose side are we on," he said, again without mentioning Russia.

☆ India says Ukraine conflict trajectory, outlook very concerning
▼ + stars: | 2022-09-22 | by ( Krishna N. Das | ) www.reuters.com time to read: +2 min

Stefani Reynolds/Pool via REUTERSNEW DELHI, Sept 22 (Reuters) - India told the U.N. Security Council on Thursday that the trajectory of the Ukraine conflict was very concerning and that the outlook was more so, as New Delhi sharpened its calls for peace. As long-term trade and defence partners, India and Russia have sided with each other for years. India has stepped up purchases of oil and coal from Russia since the Ukraine war began in February. loadingPutin ordered Russia's first wartime mobilisation since World War Two on Wednesday and threatened to use nuclear weapons to defend his country. The United States has been trying to wean India off its decades-old heavy reliance on Russia for military equipment.

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