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The Dollar Business Bureau Foreign exchange (forex) reserves of India surged by $889.4 million and reached $369.887 billion in the week ended on April 14, supported by a rise in the foreign currency assets, said the Reserve Bank of India (RBI). The forex reserve had dropped by $956.4 million to $368.998 billion in the preceding week. The reserves had reached an all-time high of $371.99 billion during the week ended on September 30, last year. Foreign currency assets (FCAs), a key component in the total reserves, rose by $881 million and reached $346.248 billion in the given week, said RBI. FCAs, expressed in terms of US dollar, include the impact of depreciation/appreciation of the non-US currencies, like pound, euro and yen, which are ...

PTI India's foreign exchange reserves dropped by $360.9 million to $362.785 billion in the week to February 10 due to decline in foreign currency assets (FCAs), a key component, the Reserve Bank said today. In the previous week, the reserves had increased by $1.588 billion to $363.146 billion. A major component of the overall reserves, FCAs declined by $347.1 million to $339.778 billion in the reporting week, RBI said. Expressed in US dollar terms, they include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen held in the reserves. Gold reserves remained unchanged in the week at $19.248 million, the apex bank said. The special drawing rights with the International Monetary Fund ...

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 ...

The Dollar Business Bureau The GMR Rajahmundry Energy Ltd (GREL), subsidiary of GMR Infrastructure Ltd, said that lenders have acquired 55 percent share in the GREL after debt restructuring. "GREL’s group of lenders has adopted the Strategic Debt Restructuring Plan (SDR), as given under the scheme allowed by the Reserve Bank of India (RBI)," the company said in a statement. "In accordance with the Plan, GREL has issued equity shares in proportion to all the lenders, in its meeting held on Monday. As per the SDR Plan, out of entire debt of Rs.3,780 crore, an outstanding amount of Rs.1,414 crore has been transformed into equity by which the consortium of lenders got 55 percent holdings and the remaining share of 45 percent remained with ...

As the Chinese renminbi (RMB) joins the league of global reserve currency along with the US dollar, British pound, euro and the Japanese yen, Jameel Ahmad, Chief Market Analyst at ForexTime- a Europe-based forex think tank- throws some light on its long- and short-term impact on the global currency markets. Interview by Himanhsu Vatsa | The Dollar Business Bureau During the quinquennial review of its SDR (Special Drawing Rights) basket, the International Monetary Fund (IMF) included Chinese yuan as fifth reserve currency. The change will come into force from October 1, 2016    The Dollar Business (TDB): The International Monetary Fund (IMF) has included Chinese yuan among the reserve currency basket? What will be its impact on global trade? J Ahmad: The ...

The Dollar Business Bureau The International Monetary Firm (IMF) will consider the inclusion of Chinese renminbi (RMB) into the list of its global reserve currency along with the US dollar, British pound, euro and Japanese yen. IMF Managing Director Christine Lagarde on Friday said that the issue is a “key focus” of the quinquennial review of the SDR (Special Drawing Rights) basket. Currencies listed in the SDR basket of the global lender can be used as an alternate means to settle international transactions among member countries. The IMF revises its SDR list after the interval of five years and the next review is scheduled to be held on November 30. Ahead of the SDR review, the IMF staff issued a ...

The Dollar Business Bureau The war against the US dollar’s supremacy seems to be all set for another major battle with even the IMF endorsing China’s push to include the renminbi in the list of currencies in which assets can be held under the IMF’s Special Drawing Rights (SDRs). “While undervaluation of the renminbi was a major factor causing large imbalances in the past, our assessment is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued,” IMF’s first deputy managing director David Lipton said recently in Beijing. While Lipton didn’t openly claim that the IMF is ready to include the renminbi in the SDR list, many ...