Foreign exchange Financial News

Chinese authorities have issued a stern directive for an enhanced crackdown on the use of cryptocurrencies, emphasizing their role in illegal foreign exchange trading as part of ongoing efforts to mitigate financial risks.

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Forex liquidity and currency swaps are hard to access for many in Africa, which limits the use of United States dollar-based services in the continent’s import-dependent economies. This creates a vacuum that decentralized finance (DeFi) could solve, leveraging cryptocurrencies, blockchain networks and services, according to the CEO of Canza Finance, Pascal Ntsama IV.

Vice-President of India, Jagdeep Dhankhar cautioned against draining of ‘our brains and our foreign exchange to foreign locations’. Dhankhar on Monday emphasized the need of taking education as a service to the nation and urged everyone to ‘give back whatever you take from it’. Leveraging Education for the purpose of ‘making commerce and business is antithetical to the societal cause and the sublimity, virtuosity of our civilization’, he added. Describing quality education as the most impactful transformational mechanism that improves any society, the Vice-President cautioned against draining of ‘our brains and our foreign exchange to foreign locations’. Addressing the 3rd Convocation Ceremony of the Royal Assam Global University in Guwahati today, the Vice-President described Convocation as the ‘reward of training imparted by your teachers, fructifying hopes and aspirations of the family’.

foreign exchange reserves surged by $1.153 billion to $585.895 billion for the week ending October 13, the latest data by the Reserve Bank of India (RBI) showed on Friday. Previously, forex reserves decreased by $2.166 billion to $584.742 billion for the week ended October 6. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) dropped by $178 million to $519.35billion. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves surged by $1.27 billion to $43.58 billion, while SDRs were up by $72 million to $18 billion. Reserve position in the IMF decreased by $8 million to $4.98 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion.

Reserve Bank of India (RBI) showed on Friday. Previously, forex reserves decreased by $867 million to $593.04 billion for the week ended on September 15. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) dropped by $2.55 billion to $523.40 billion. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by $307 million to $44.31 billion, while SDRs were down by $79 million to $18.01 billion. Reserve position in the IMF decreased by $11 million to $5.02 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion.

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. Previously, forex reserves were up by $4.039 billion to $598.897 billion for the week ended on September 1. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) dropped by $4.27 billion to $526.43 billion. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves dipped by $554 million to $44.38 billion, while SDRs were also down by $134 million to $18.06 billion. Reserve position in the IMF decreased by $39 million to $5.03 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion.

foreign exchange reserves dipped by $2.4 billion in the week ending August 4, in sync with dollar outflows as cautious overseas investors offloaded their investments in local equity market. The reserves stood at $601.5 billion at the end of the reporting period, Reserve Bank of India data showed.

By Jonathan Stempel

₹71,235 crore compared with ₹23,584 crore in the same period in 2022, as per the ministry. To put in perspective, India earned a total of ₹2.1 trillion in foreign exchange from tourism in 2019, an increase of 8.3% year-on-year. Going by the latest data, experts believe India is well placed to meet 2019 foreign exchange earnings from the tourism industry.

foreign exchange earnings from tourism during the four-month period during January-April were at ₹71,235 crore compared with ₹23,584 crore in the same period in 2022, as per the ministry. To put in perspective, India earned a total of ₹2.1 trillion in foreign exchange from tourism in 2019, an increase of 8.3% year-on-year.  Going by the latest data, experts believe India is well placed to meet 2019 foreign exchange earnings from the tourism industry.

Citigroup has promoted a long-serving executive to head up its foreign exchange business globally.