FOREIGN EXCHANGE MARKETS
Government to soon come out with a new shipbuilding, repair policy
The Ministry of Ports, Shipping, and Waterways is set to introduce a new Shipbuilding and Repair Policy under the 100-day action plan. Ambitious goals have outlined in Maritime India Vision 2030 and Amrit Kaal Vision 2047 to elevate India's shipbuilding industry globally. The initiative aims to revitalise the industry, increase the share of Indian-owned vessels in cargo transport, and seize a significant market opportunity by 2047.
Rupee falls 5 paise to 83.54 against US dollar in early trade
The rupee depreciated 5 paise to 83.54 against the dollar due to high crude prices, starting at 83.52. Positive equities, foreign fund inflows supported. Amit Pabari noted pressures like crude at USD 87. S&P's YeeFarn Phua mentioned fiscal deficit reduction need. NSE Nifty, Sensex surged; FIIs buying shares. Dollar index at 105.36, US yields at 4.35%.
Japan stock ownership by foreigners rises to record 31.8%
Foreign ownership in Japanese stocks reached a record 31.8%, driven by Tokyo Stock Exchange and government initiatives to enhance corporate governance, making the market more attractive with its relatively low valuations.
Indian foreign spending skyrockets 29-fold in a decade
Over the past decade, Indian expenditures on foreign exchange have surged dramatically, increasing from $1.1 bn in FY14 to $31.7 bn in FY24, driven largely by travel expenses. In contrast, remittances from overseas workers into India grew by 71%, rising from $70 bn to $120 bn over the same period. India remains the top recipient of foreign remittances globally, receiving nearly double the amount received by Mexico at $66 bn.
Rupee closes higher, outperforms most Asian peers in first half of 2024
RBI interventions and global economic factors propelled the rupee's resilience. The JPMorgan index inclusion and current account surplus contributed to the rupee's strength against the dollar amidst changing global market dynamics.
Rupee ends higher, lifted by bond inflows; oil firms' dollar bids cap gains
The Indian rupee closed higher at record levels despite dollar demand, reflecting resilience amidst regional pressures. Anticipation of dollar inflows related to JPMorgan's index inclusion boosted the currency.
Foreigners buy Indian debt on eve of JPMorgan index inclusion, indicators signal
Currency market reacts to India's JPMorgan index inclusion with increased foreign buying and dollar transactions by large banks. Traders anticipate passive inflows despite the rupee's limited appreciation. RBI expected to manage the market dynamics prudently.
What would Japanese intervention to boost a weak yen look like?
Amid market uncertainties and political pressures, Prime Minister Fumio Kishida considers intervening to stabilize the yen ahead of the ruling party leadership race. The effectiveness of intervention in addressing public concerns over the weak yen and rising living costs remains uncertain.
Rupee trades in narrow range against US dollar in early trade
The rupee traded against the US dollar, influenced by positive domestic equities and the strength of the American currency. Forex traders noted the impact of the strong US dollar and elevated crude oil prices on the local unit.
How mutual fund flows are making Dalal Street Aatmanirbhar
FIIs impact Indian capital markets, with mutual funds gaining prominence. SEBI's actions on P-Notes and rise of SIPs stabilize market. Prof Ghalke and Aditya Bharambe contribute to market insights.
Rupee recovers 3 paise to 83.58 against US dollar in early trade
Rupee trades 3 paise higher at 83.58 against the US dollar, supported by foreign capital and strong equity market sentiment.
Asian shares end the week with a whimper, yen struggles
Asian shares end week with profit-taking as U.S. dollar strength pressures yen towards intervention zone.
Japan issues fresh warning against yen bears as currency slides
Japanese authorities, led by Masato Kanda, are prepared to address speculative and volatile movements in the currency market to protect the economy without altering market trends.
Rupee falls 6 paise to 83.54 against US dollar in early trade
Rupee depreciated 6 paise to 83.54 against the US dollar on Thursday, influenced by the strength of the American currency and elevated crude oil prices.
RBI using forex market tools to ease liquidity tightness
RBI uses forex tools to inject cash into banking system ahead of large outflows due to advance tax payments, keeping borrowing costs low and increasing reserves without impacting inflation-fighting stance.
Indian rupee, bonds expected to rally after exit polls signal Modi victory
The Indian rupee and government bonds are likely to strengthen following exit polls favoring Prime Minister Narendra Modi's National Democratic Alliance, potentially boosting market sentiment.
ET Explains: Why RBI keeps gold abroad?
The Reserve Bank of India (RBI) has been aggressively buying gold this year, purchasing one and a half times the amount bought in the whole of 2023 in just the first four months of this calendar year. A big portion of this gold is held overseas, but the RBI is now planning to bring back a portion of these reserves. This move comes amid risks following the West freezing Russian assets. The RBI holds 822.10 metric tonnes of gold, with 387.26 metric tonnes kept in safe custody with the Bank of England and the Bank for International Settlements (BIS).
India’s forex reserves down $2 bn to come off all-time record high
India's forex reserves fell by $2 billion to $646.67 billion as of May 24, according to the Reserve Bank of India (RBI). This decline follows a previous increase of $4.54 billion, reaching an all-time high of $648.7 billion on May 17. The reduction includes a $1.51 billion decrease in foreign currency assets, a $482 million drop in gold reserves, a $33 million dip in SDRs, and a $1 million decline in IMF reserves.
Rupee rises 5 paise to 83.24 against US dollar in early trade
Rupee appreciated 5 paise to 83.24 against US dollar in early trade on Friday due to robust sentiment in domestic equity markets and downward trend in crude oil prices overseas.
Load More
