Indias forex reserve at all-time high of $365.82 bn
The Dollar Business Bureau Foreign exchange reserves of India were increased by $73.2 million to reach an all-time high of $365.82 billion in the week closed on August 12, supported by a surge in the foreign currency assets, the Reserve Bank of India (RBI) said on Friday. In the week earlier, the foreign exchange reserves had surged by $253.6 million to reach 365.75 billion. Foreign currency assets (FCAs), a key component of the total reserves, were increased by $81.6 million to reach $340.36 billion. Gold reserves remain unaffected at $21.58 billion. Expressed in terms of dollars, FCAs take account of the impact of depreciation and appreciation of non-US currencies like pound, euro and yen, held in the reserves. India’s special drawing rights with IMF (International ...
Gold imports down 60.4% to $1.23 bn in April
The Dollar Business Bureau India’s gold imports decreased for the third straight month in April 2016. The country has imported $1.24 billion worth gold, which is 60.47% down from $3.13 billion in the same month previous year as per the data released by Ministry of Commerce and Industry on Friday. Gems and jewellery exports increased 17.23% to $3.45 billion from $2.94 billion in the same month last year. Silver imports also have declined 31.39% to $218.98 million. Due to a long strike by jewellers in India, the gold imports had declined over 80% to $972.96 million in March. Gold demand in India has come down 39% y-o-y to 116.5 tonnes during the last quarter of FY 2016 when compared to the demand ...
World Gold Council, FICCI recommend creation of India Gold Exchange
The Dollar Business Bureau Gold demand in India is not dependent on price fluctuations. In a survey conducted by WGC and FICCI, 19% of respondents said they would buy more gold if prices rose while just 6% said they would sell The Federation of Indian Chambers of Commerce and Industry (FICCI) and the World Gold Council (WGC) have made several recommendations including the creation of an India Gold Exchange and the establishment of a Gold Board to help the government manage imports and boost exports while improving price transparency. In a report, “Why India needs a gold policy”, published today, FICCI and WGC have made seven recommendations for an effective Gold Policy in India. The report says that an Indian Gold ...
