Forex Update

Indian Rupee continued its fall

Indian CurrencyRupee remained weak against the US dollar on second consecutive day. The reason behind the fall in Rupee is fresh dollar demand due to fall in markets. Some funds are taking their money out of Indian Markets. The Indian currency was quoting 15 paise lower during early trading hours. However Yen was stronger in overseas markets.

Rising Rupee, Interest Rates Distressing Corporate India - FICCI

Federation of Indian Chambers of Commerce and Industry
According to a survey report, the rising rupee value versus the US dollar and a consequent upsurge in rates of interest has resulted to an unexpected fall in the confidence level of corporate India.

Forex Reserves Dip to $226.445 B on FII Outflows

Mumbai: For the second consecutive week, the country’s forex reserves came down by $2.551 billion to $226.445 billion for the week ended August 17, 2007.

Indian Rupee Inches Up Chasing Strong Asian Stocks

Indian CurrencyMumbai: The rupee inched up today as profits in Asian stocks aroused expectations of abroad investment flows into local equities, though dealers stayed conservative regarding the fallout from U.S. credit market instability.

At 9:40 a.m, the partly convertible rupee stood at 41.07/08 per dollar, beefing up from yesterday’s 41.08/09.

No Special Package for Exporters

Commerce Minister Kamal NathThe Finance Ministry has ruled out any fi

Forex Reserves Drop $346 Mn with in a week Ending Aug 10

As on Aug 10, 2007, Forex reserves went down USD 346 million to USD 228.996 billion, mainly on the back of declension in foreign currency and assets accumulations on a weekly basis.

According to the RBI’s weekly statistical supplement released on Aug. 17, 2007 the foreign currency and assets decreased USD 221.653 billion.

The gold reserves and the IMF reserve position remained flat at USD 6,887 million and USD 455 million correspondingly during the same period.