India's foreign exchange reserves have decreased by $2.335 billion to $590.702 billion, according to the Reserve Bank of India. Foreign currency assets dropped by $2.55 billion to $523.40 billion, while gold reserves increased by $307 million to $44.31 billion. Reserve position in the IMF decreased by $11 million to $5.02 billion.
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India's foreign exchange reserves dropped by $867 million to $593.037 billion for the week ending September 15, according to data from the Reserve Bank of India (RBI). The decrease was primarily due to a drop in foreign currency assets and gold reserves.
“The Indian bond market is mature enough to deal with the resultant volatility. I do not think that is an issue at all. Obviously, this is a huge opportunity because it makes borrowing from overseas that much easier, that much more cheaper. It will also help shore up foreign exchange reserves.”
The FOMC also stressed that the long-term projections are inherently uncertain and subject to change as the financial atmosphere is highly dynamic and contains numerous potential risks that could influence future outcomes, Bhansali said.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 164.42 crore, according to exchange data.
India's foreign exchange reserves decreased by $4.992 billion to $ 593.904 billion for the week ending September 8, the latest data by the Reserve Bank of India (RBI) showed on Friday.
At the interbank foreign exchange market, the local unit opened at 83.02 against the US dollar and moved in a range of 82.98 and 83.20.
According to Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, the focus will be on consumer sentiment and Empire State manufacturing index number from the US.