Wait...
  1. Home >
  2. Export Import News >
  3. Foreign Exchange >
  4. RBI may have bought breathing space for rupee as crude cools >
  5. RBI may have bought breathing space for rupee as crude cools

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

RBI may have bought breathing space for rupee as crude cools.


Date: 24-10-2018
Subject: RBI may have bought breathing space for rupee as crude cools
The Reserve Bank of India appears to have moved away from its hands-off exchange rate strategy as the rupee plumbed fresh lows earlier this month. 

The country’s foreign-exchange reserves plunged $5.14 billion in the week ended Oct. 12, the biggest drop in seven years, hinting the central bank intervened to stem the rupee’s losses from getting out of hand after it held interest rates at an Oct. 5 meeting. 

While it may be too early to conclude that the RBI will step in frequently to defend the rupee on such a magnitude regularly, the intervention along with a fall in oil prices helped steady the currency, according to analysts at Natwest Markets Plc and Standard Chartered Plc. 

“This reserve selling was mostly due to USD/INR buying pressure after the FX market reacted negatively to the RBI decision,” said Maximillian Lin, an emerging-markets Asia strategist at NatWest in Singapore. The intervention helped limit further weakness in the rupee, a move helped by a decline in oil prices and a softer dollar, he said. 

The rupee lost more than one per cent in three sessions after the RBI’s rate decision, sinking to a record 74.4825 on Oct. 11. Asia’s worst-performing currency then recovered to advance over the past two weeks, though ING Bank NV has said the bounce will soon give way to another round of declines. 

“The strong intervention appears to be aimed at containing the losses post the RBI policy, and they may also have been worried about this spilling into the equity market,” said Gopikrishnan MS, head of foreign exchange, rates and credit for South Asia at Standard Chartered in Mumbai. 

The rupee on Wednesday rose, reflecting gains in other emerging-market Asian currencies, gaining 0.4 per cent to 73.28 as of 9:13 a.m. in Mumbai, halting two days of declines. 

source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 24-01-2020
Notification No. 01/2020-Customs (ADD)
seeks to amend notification No. 40/2017-Customs(ADD) dated 25-08-2017, to revise anti-dumping duty on imports of "Sodium Nitrite" originating in or exported from China PR, in pursuance of final findings of sunset review investigations issued by DGTR vide notification No. 15/06/2016-DGTR dated the 8th November 2019..

Date: 23-01-2020
A.P. (DIR Series) Circular No.20
Merchanting Trade Transactions (MTT) – Revised Guidelines

Date: 23-01-2020
A.P. (DIR Series) Circular No.19
‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt – relaxations

Date: 23-01-2020
A.P. (DIR Series) Circular No.18
Investment by Foreign Portfolio Investors (FPI) in Debt

Date: 21-01-2020
Circular No. 4/2020 – Customs
Clarification relating to import of gifts - Reg

Date: 20-01-2020
A.P. (DIR Series) Circular No.17
Introduction of Rupee derivatives at International Financial Services Centres (IFSC)

Date: 17-01-2020
TRADE NOTICE NO. 46/2019-20
Mis-classification goods under 'Others' category at the time of Import- reg.

Date: 16-01-2020
Notification No.05/2020 - Customs (N.T.)
Exchange Rates Notification No.05/2020-Custom (NT) dated 16.01.2020.

Date: 15-01-2020
Notification No. 03/2020- Customs (N.T.)
Notification of Ghasuapara LCS for imports also by amendment of Notification No. 63/1994-Customs dated 21st November 1994

Date: 15-01-2020
Notification No. 04/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg.



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001