Forex


The Reserve Bank of India’s (RBI) weekly statistical supplement showed that the overall Forex reserves rose to $401.38 billion from $400.89 billion

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall Forex reserves fell by $1.50 billion to $366.13 billion for the week ended October 14.

Gains in metal, consumer durables and IT stocks helped the recovery on the domestic stock markets as participants widened their bets ahead of macro economic data.

Gold prices dropped Rs 80 to trade at over three-month low of Rs 30,240 per 10 grams. Silver, however, staged a rebound by gaining Rs 370 to Rs 42,300 per kg .

On September 23, the foreign currency assets stood at $345.24 billion, gold at $21.64 billion, special drawing rights at $1.49 billion and the reserve position in the International Monetary Fund (IMF) at $2.39 billion.

Forex reserves eased to $369.60 billion as on September 16 from $371.27 billion on September 9. Gold moved higher by Rs 80 at Rs 31,600 per 10 grams, while silver fell Rs 300 to Rs 46,500 per kg.

Forex analysts observe that foreign portfolio flows have continued to remain skewed towards the equity segment.

The rupee on Friday appreciated further by 11 paise to 66.80 against the American currency deals on sustained bouts of dollar selling by exporters and banks amid rallying domestic equities.

Healthcare, oil and gas, power, realty, FMCG, PSU and auto stocks pushing key indices up. 

Infrastructure, PSU and capital goods stocks pulled the key indices lower amid volatility in the market. Rupee fell 10 paise against US dollar owing to increased demand for the greenback from importers. 

Weakness in the US dollar against some other currencies overseas gave the rupee some muscle.

British pound fell two per cent to $1.34, still some distance from the 31-year low of $1.3228 touched during Friday’s wild trade.