Forex Trading

RBI Governor Sanjay Malhotra said the measures introduced since late March are reactions to specific market movements and do not, in any sense, signal any structural change.

Indian rupee snapped its five-day losing run as it closed 0.7% higher — the biggest single-day gain in two months — against the US dollar on Wednesday, December 17. The Indian rupee closed the session at 90.38 per US dollar, as against its last closing price of ₹91.0275.

INR vs USD: Driven by US tariffs and FPI outflows, the Indian Rupee dropped to an all-time low on Thursday

The RBI's alert list includes entities which are neither permitted to deal in foreign exchange under FEMA nor authorised to operate electronic trading platforms for forex transactions.

For years, the market thrived on bets on the rupee's movement, even without traders holding underlying assets. A rule allowing transactions up to $100 million without proof of exposure was interpreted by many as a green light for speculation.

Check this list of INR to USD forex rates offered by some of the major banks and travel aggregators.

US dollar to maintain its position vs. most currencies over next 3 months due to expectations of higher interest rates. Euro's recent run likely to end, trading around $1.10 in 3 months.

For the week ended on June 30, the foreign currency assets, a major component of the reserves, increased by $2.539 billion to $527.979 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

India's forex reserves pulled away from the psychological mark of $600 million and halted its two-consecutive weeks increases, to decline by over $6 billion in the week that ended on May 19, 2023. RBI has released its weekly statistical data.

As per RBI's data, forex reserves jumped by $4.532 billion to $588.780 billion in the April 28, 2023, week. This is compared to a decline of $2.164 billion in the previous week that ended on April 21, 2023.