On 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.

The Indian Rupee showed some resilience resuming higher against the US currency in early trade today.

The local currency resumed higher at 40.39/40 a dollar from overnight close of 40.42/43 per dollar but later fell back to 40.41/42 a dollar in late morning deals in quiet trade at the Interbank Foreign Exchange (forex) market.

On the back of rise in foreign currency and assets collections, Forex reserves soared

Mumbai: Today, the rupee climbed to its peak level within a month, driven by the viewpoint of soaring investment flows into Asia’s third- biggest economy.
In morning, the rupee was at 40.54/55 a dollar, which is its highest peak since June 6, and strengthening from Monday's 40.65/66.
The chief dealer with the foreign bank anticipating the rupee to trade in a 40.52-40.62 rannge today said, “The positive signals from Asian equities are leading the market to believe that the stock market will do well, and that the inflows will be good.”
He stated that the RBI was expected to get involved at around 40.52 to restrict the rupee’s advancements.

Mumbai: Union Bank of India (UBI), Bank of India (BOI) and State Bank of India (SBI) have altered the rate of interest on FCNR (B) and NRE (rupee) depository terms w.e.f July 1, 2007.

On the back of continued buying by importers and surmised intervention by the Central Bank, t