Rupee gains 19 paise to close at 79.71 against US dollar
At the interbank foreign exchange market, rupee ended at 79.71, as against its 79.90 close on the previous trading session, against the US dollar. The dollar index, which gauges the the strength of greenback against the basket of six major currencies, was at 109.500. On Wednesday, Brent crude oil price in the international market fell sharply on worries of a global economic recession and lower fuel demand.
Rupee ends 4 paise up at 79.84 against US dollar
"Market participants vary as the central bank's dollar supply at one end limits the downside while the broad-based strength in the dollar pushes the rupee lower. However, one should always keep in mind The trend is your friend -- and any dip in USDINR will be an opportunity to buy as long as it trades above 79 while on the higher side one can expect a rally above 80.10," said Dilip Parmar, Research Analyst, HDFC Securities.
India's forex reserves fell by $6.687 bn to $564.053
In the week prior, during the week ending August 12, the India's foreign exchange reserves had declined by $2.238 to $570.74 billion. The reserve had declined every single week barring the increase in the last week of July. It has fallen for 20 of the 26 weeks since Russia invaded Ukraine in late February.
India's forex reserves rises after 4 weeks of fall
The country's foreign exchange reserves rose by $2.315 billion to $573.875 billion during the week ending June 29, according to the Reserve Bank of India's (RBI) weekly supplementary statistical data. "India's foreign exchange reserves, supplemented by net forward assets, provide insurance against global spillovers. Our umbrella remains strong," RBI Governor Shaktikanta Das said.
Strong dollar dents India's foreign reserves, forex down by over $11 bn
The foreign currency assets (FCAs), the largest component of the forex reserves, got negatively impacted due to the rising US dollar strength against other global currencies. The FCAs consist of global currencies and securities such as US treasury bonds. As per the RBI data, the FCAs edged lower by $10.727 billion to $539.727 billion.
Rising dollar strength drags down India's foreign reserve
On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $3.202 billion to $550.454 billion. As per RBI data, India's overall forex reserves fell to $617.648 billion from $619.678 billion reported for the previous week. The country's forex reserves consist of FCAs, gold reserves, SDRs, and the country's reserve position with the IMF.
Gold, asset devaluation pulls India's forex reserve down by $2.597 bn
Devaluation of gold and other asset classes pulled India's foreign exchange reserves lower by $2.597 billion during the week that ended on March 18. Reserve Bank of India data showed that India's forex reserves fell to $619.678 billion from $622.275 billion reported for the previous week. The country's forex reserves consist of foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.