Tag: forex

Zinc futures drop by 1.61%

Zinc futures drop by 1.61%

17/01/2017 16:59

Zinc futures plunged by more than 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on firm US dollar, against a basket of other currencies.

The US dollar strengthened as investors awaited the British Prime Minister Theresa May’s speech today in which she may say that the UK is likely to pull out of the single market for goods and services and seek a completely new trading relationship with the bloc.

However, expectations of strong demand in top consumer China, restricted further slide in zinc prices at futures trade.

At the MCX, zinc futures for January 2017 contract is trading at Rs 183.85 per kg, down by 1.61 per cent, after opening at Rs 185.40, against a previous close of Rs 186.85. It touched the intra-day low of Rs 181.50 (at 16:59 hours).

RBI sets rupee reference rate at 67.9522 against dollar

06/01/2017 15:22

The Reserve Bank of India today fixed the reference rate of the rupee at 67.9522 against the US dollar and 71.8662 for the euro.

The corresponding rates were 67.7884 and 71.5574, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.0976 and 58.50 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

Rupee trades marginally up against US dollar

19/12/2016 11:20

The Indian rupee rebounded against the US dollar after making a weak start at the Interbank Foreign Exchange on Monday amid fresh selling of dollars by banks and exporters.

According to Angel Broking, the local currency strengthened against the US counterpart as surge in as recent weakness in the home currency prompted the exporters, banks and traders to book profits.

At the Interbank Foreign Exchange Market, the local currency was trading up by 03 paise to 67.76 per dollar from a previous close of 67.79 per dollar at 11:25 hours. The Indian currency opened at 67.83, down 04 paise against the US dollar.

The home currency tumbled 40 paise against the US dollar on Thursday after the US Federal Reserve raised interest rates for the first time this year by 25 basis points to between 0.50 per cent and 0.75 per cent and also hinted of a brisker pace of rate rises in 2017.

RBI issues new series of Rs 500, Rs 2,000 currency notes

RBI issues new series of Rs 500, Rs 2,000 currency notes

09/11/2016 11:12

Following the Prime Minister Narendra Modi’s announcement about the demonetisation of high value notes, the Reserve Bank has issued new series of notes for the Rs 500 and Rs 2,000 denomination with improved features and newer sizes.

The Rs 2,000 note, which is a first under the denomination, will be called the ‘Mahatma Gandhi (New) Series’ and has the motif of the low-cost mission to Mars, the Mangalayan, on the reverse, the RBI said.

The base colour of the note will be magenta and the size of the note will be 66 mm by 166 mm, it said.

The new design in the Rs 500 denomination will be in a different colour, size, theme, design and location of security features, it said.

The note, measuring 63 mm by 150 mm will be in a new colour — stone grey and the predominant theme will be Delhi’s Red Fort, it said.

Both the new designs, Rs 500 and Rs 2,000, will be very friendly towards the visually-impaired by having features which make it accessible for all sections.

Earlier, Governor Urjit Patel said that the central bank has ramped up production of the new series of notes under the newer series.

The RBI has also started a helpline number for the citizens who may face any difficulties, economic affairs secretary Shaktikanta Das said.

Citizens can reach out to the RBI on 022-22602201 022-22602944 starting today for any doubts and clarifications, he said.

Yellow metal inches higher as US election kicks off

Yellow metal inches higher as US election kicks off

08/11/2016 14:03

Gold futures were trading higher during the afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the precious metal amid raising hopes of the Democrat emerging victorious in the race for the White House.

Financial markets keenly awaited the outcome of the US presidential election.

At the MCX, gold futures for December 2016 contract is trading at Rs 30,141 per 10 grams, up by 0.21 per cent, after opening at Rs 30,100, against a previous close of Rs 30,078. It touched the intra-day high of Rs 30,167 (at 13:56 hours).

Forex reserves fall for second straight week

24/10/2016 13:41

The country’s foreign exchange reserves fell for a second straight week amid a decline in foreign currency assets, data from the Reserve Bank of India (RBI) showed.

Foreign exchange reserves dropped by USD 1.506 billion to USD 366.139 billion in the week to October 14, 2016.

In the week ended October 7, 2016, forex reserves had fallen by a whopping USD 4.343 billion to USD 367.646 billion.

Foreign currency assets, which are expressed in dollar terms and include the effect of appreciation or depreciation of non US currencies such as euro, pound and yen held in reserves, fell by USD 1.486 billion to USD 340.908 billion in the week ended October 14, 2016, from the previous week, the RBI added.

Foreign currency assets are the biggest component of the overall forex reserves.

India’s gold reserves stood unchanged at USD 21.406 billion in the week ended October 14, 2016 from the previous week, data showed.

The Foreign Currency Non-Resident (FCNR) Bank redemptions worth USD 26 billion are probably putting pressure on the country’s foreign exchange reserves kitty.

Robust forex reserves may help support the local currency in the wake of heightened global uncertainties amid US interest rate hike fears, US Presidential elections and Brexit jitters.

RBI sets rupee reference rate at 66.8481 against US dollar

14/10/2016 13:34

The Reserve Bank of India today fixed the reference rate of the rupee at 66.8481 against the US dollar and 73.6867 for the euro.

The corresponding rates were 66.8473 and 73.6657, respectively yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.4811 and 64.23 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

Rupee trades flat against greenback

04/10/2016 12:51

The Indian rupee were trading flat, paring early gains, against its US counterpart on Tuesday as traders remained jittery ahead of outcome of RBI monetary policy review which will be the first one for new governor Urjit Patel.

At the Interbank Foreign Exchange Market, the local currency was trading flat at USD 66.81 per dollar as compared to previous closing price of 66.81 per dollar.

Traders are hoping that the newly constituted Monetary Policy Committee (MPC) headed by Patel may cut interest rates by 25 bps amid the recent dip in consumer inflation.

Rupee falls 18 paise at 67.04 against US dollar

12/09/2016 12:54

The Indian rupee was trading lower against its US counterpart on Monday amid fresh demand for the dollar from banks and importers, tracking a slump across global markets as central banks in the world’s biggest economies start to question the benefits of loose monetary policies.

At the Interbank Foreign Exchange Market, the partially convertible currency fell 18 paise at 67.04 per dollar from a previous close of 66.86 per dollar.

Weakness in the domestic equity market also weighed on the local currency.

Boston Federal Reserve Bank of President Eric Rosengren has said that there rests a ‘reasonable case’ for gradual interest rate hikes in the world’s biggest economy, which he sees in resilient shape notwithstanding a drag from a global slowdown in the wake of heightened headwinds.

RBI sets rupee reference rate at 66.5469 against dollar

RBI sets rupee reference rate at 66.5469 against dollar

06/09/2016 13:17

The Reserve Bank of India today fixed the reference rate of the rupee at 66.5469 against the US Dollar and 74.1665 for the euro.

These rates were at 66.8405 and 74.8012 respectively on September 02, 2016, RBI said in a notification.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 88.6471 and 64.20 per 100 yens respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.