The Reserve Bank of India (RBI) net purchased $254 million in the foreign exchange market in February, resuming dollar purchases after a month. The RBI bought $4.38 billion and sold $4.13 billion in the spot market in February, data in the central bank‘s April Bulletin showed. The RBI had net sold $384 million in January. … Read more
Mumbai: The Indian rupee is likely to have seen the worst in 2022 and could start making a recovery in the new year, giving the Reserve Bank of India a chance to replenish its foreign exchange reserves kitty, a treasurer at told Reuters. “The growth differential and future prospects of better returns will give the … Read more
The Centre on Tuesday said the country’s tourism sector will strive to recover to the pre-pandemic level by mid-2024 and contribute USD 250 billion to the country’s GDP by 2030. The government also said the country intends to achieve USD 1 trillion through the sector — the worst affected sector during the pandemic — by … Read more
Beijing: China moved to limit the drop in the yuan by cutting the amount of money that banks need to have in reserve for their foreign currency holdings. The move came after the yuan dropped to the lowest level against the dollar in 17 months in reaction to a small but growing Covid-19 outbreak in … Read more
India’s foreign exchange reserves continued its fall for the fifth straight week as the Reserve Bank of India appears to be selling dollars from its coffers to prevent sharp depreciation of the rupee amid a surge in global crude prices. The reserves fell by $2.471 billion in the week to April 8 to $604.004 billion, … Read more