Forex Update

Centurian Bank Of Punjab to Increase Forex Operations

Centurian Bank Of PunjabNew Delhi: Sudarshan Motwani, Head-Foreign Exchange Serv

Rupee May Relieve Today

Mumbai: Rupee is likely to jump down on Thursday, terrified of capital outflows as regenerated concerns about a worldwide credit squeeze beat Asian stock markets.

Rupee Ends Steady Against Dollar

CurrencyOn Dollar demand by Indian oil importers, the Indian Rupee closed flat against US currency.

The Indian unit that climbed up to 40.53 in the morning session gave up its advances on intense Dollar demand by Indian oil importers. Furthermore, foreign monetary funds also ramped up Dollar positions today further assisting the US currency in opposition to Rupee.

Rupee Energizes On Equity Inflow Anticipations

Mumbai: Rupee climbed as Asian stock markets stabilized, regenerating anticipations for foreign capital inflows into local shares.

The partly convertible rupee came up as against its weakest close in over a month on Friday. In late July, it hit a nine-year peak of 40.20.

In the last two sessions, foreigners have purchased $142 million of shares after selling over $600 million so far this month.

IT Stocks Makes Recovery as Rupee is looking Weak

In the afternoon trades, the BSE IT index gained 24 points to 4,758.66 owing to the decrease in the rupee values as against the dollar.

In order to tame the rupee, the government had constricted foreign-borrowing rules on 7 August 2007. Now, external commercial borrowings (ECBs) over $20 million have been permissible only for foreign currency expenditure for allowable end-uses and are required to be parked abroad.

Forex Reserves Surge By $3.307 Billion

ForexOn the back of jump in foreign currency and assets collections, Forex reserves soared up by USD 3.307 billion to USD 225.35 billion as on July 27.

According to RBI’s weekly statistical supplement, foreign currency and assets got to USD 218.096 billion on the back of USD 3.306 billion. In the same period, reserve position in IMF dropped by USD 10 million to USD 455 million.