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India’s Forex Fall to $643 Billion, Steepest Decline in 3 Months: What Does It Mean for the Indian Economy?

20Apr

By AnkitNo Comments

India’s Forex Fall to $643 Billion, Steepest Decline in 3 Months: What Does It Mean for the Indian Economy?

India's foreign exchange reserves declined by $5.4 billion to $643.16 billion for the first time in eight weeks as of April 12, as per data released by the Reserve Bank of India. This is the steepest decline in Forex in over three months. Earlier, it rose by $32.5 billion over a period of seven weeks. Key Points: This is the first decline in Forex reserves in eight weeks. The decline is the steepest in over three months. The decline is attributed to the central bank's intervention in the forex market to control volatility. The rupee settled at 83.47 against the dollar on Friday. Reasons for the decline in Forex Reserves The central bank has been selling dollars in the spot forex market over the last few sessions to prevent a large-scale depreciation in the rupee amid g...

RBI’s Vigilance Drive: Unauthorised Forex Trading Platforms Under Scrutiny, Banks Called to Action

The Reserve Bank of India (RBI) has intensified its efforts to combat unauthorised forex trading platforms, emphasizing the need for heightened vigilance among banks. Governor Shaktikanta Das has raised concerns about banking channels being exploited for funding these platforms, prompting the RBI to take decisive action. Framework for Authorisation of Electronic Forex Trading Platforms The RBI has implemented a robust framework for the authorisation of electronic trading platforms since 2018. This framework ensures strict compliance with regulations and is currently being updated to keep pace with technological advancements that have revolutionized financial markets. Cautionary Advice and Alert List: In response to complaints of cheating and fraud associated with unauthorised trading p...

India’s Forex Reserves Surge to a Record $645.58 Billion, Signaling Economic Resilience

India's forex reserves have soared to a historic milestone, reaching an unprecedented level of $645.58 billion for the week ending March 29. The Reserve Bank of India (RBI) reported an increase of $2.9 billion in forex reserves, primarily driven by a rise in foreign currency assets. This remarkable achievement highlights the country's robust financial stability and serves as a safety net against future risks. Record High Forex Reserves: The latest data released by the RBI reveals that India's foreign exchange reserves have surpassed the previous record of $642.49 billion. The substantial increase of $2.9 billion can be attributed to the rise in foreign currency assets, which reached $570.61 billion during the same period. These reserves act as a buffer against potential risks, particular...