India Forex - Forex Trading in India

India Wednesday 30 June 2010 : The rupee slid for the second day today by 16 paise to 46.64 against US Dollar in the early trade, following a negative trend in the domestic equity markets, traders at the Interbank Foreign Exchange (Forex) said here.

It had plunged by 27 paise to 46.48 a dollar yesterday. Capital outflows by foreign funds from the equities also weighed down on the rupee sentiment, they added.

It moved in a narrow range between 46.66 and 46.55 per USD in the intra day.

India Wednesday 30 June 2010 : Following were the indicative currency notes and travellers cheques buying and selling rates per unit today as given by Thomas Cook India Ltd.

(Figures in Rupees) ——————— Currencies Buy Sell US Dollar 43.95 49.10 Sterling Pound 66.45 73.70 Euro 53.50 59.70 Australian Dollar 37.80 41.65 Bahrain Dinar 115.55 131.65 Canadian Dollar 41.10 46.25 Danish Kroner 07.00 08.15 Egyptian Pound 05.95 08.50 Hongkong Dollar 05.45 06.50 Japanese Yen(100) 49.25 54.80 Jordan Dinar 58.40 67.70 Kuwait Dinar 136.65 162.80 Malayasian Ringgit 12.85 15.60 New Zealand Dollar 29.75 34.35 Norwegian Kroner 06.60 07.65 Oman Rial 113.10 128.70 Qatar Rial 11.95 13.70 Saudi Rial 11.60 13.35 Singapore Dollar 30.45 35.70 South African Rand 05.35 06.45 Swedish Kroner 05.45 06.35 Swiss Franc 40.40 46.45 Syrian Pound 00.35 01.05 Thai Baht(per100) 132.20 155.85 UAE Dirham 11.90 13.45 Chinese Yuan 05.00 07.80

India Wednesday 30 June 2010 - The Reserve Bank of India (RBI) is finalising far-reaching changes to foreign exchange derivative guidelines to allow importers and exporters to write and sell put options and earn premium on them. A put option gives its buyer the right — but not the obligation — to sell a specified amount of an underlying asset at a set price within a specified time.

RBI has also dropped an earlier plan to ban ‘zero-cost structures’ – the most popular derivative product in corporate India. The new norms are expected to be notified soon.

Allowing exporters and importers directly in forex market and the leeway to offer zero-cost structures are moves aimed at expanding the size of the forex derivatives market. “The over-the-counter (OTC) forex market has about $13 billion transactions a day. Last year, it used to be about $18 billion. Activity is down this year due to the slowdown in global trade and fall in the balance of payment deficit,” said Golaka C Nath, senior vice-president, Clearing Corporation of India.

India Tuesday 29 June 2010 - The rupee appreciated against the dollar for a second day after overseas investors increased holdings of the nation’s shares to a record.

The currency touched its strongest level in a week as foreign investment in stocks rose $6.6 billion this year to an all-time high of $79.4 billion on June 24.

“The important thing for the rupee is how the Sensex fares,” said Philip Wee, a Singapore-based senior currency economist at DBS Group Holdings. “The rupee is a capital-flow story due to its twin deficits. The fiscal deficit is doing well as the economy is doing well. But the problem is that stock flows are needed for the current account.”

The rupee strengthened 0.2% to 46.21 per dollar at the close of trade on Monday. It rose as high as 46.055 earlier, the strongest level since June 22.

The currency may advance to 45.80 by September 30 and 45.60 by December 31, Wee said. Offshore forwards indicated the Indian currency will trade at 46.69 to the dollar in three months, compared with expectations of 46.90 at the end of last week.

India’s economy expanded 8.6% last quarter from a year earlier, the second-fastest pace among major economies, the government reported on May 31. Current account shortfall was $12.03 billion in the three months ended December 31, the most in five quarters, according to the latest RBI data.

India Tuesday 29 June 2010 - India’s foreign exchange reserves rose to $275.969 billion, rose by $3.2 billion during the week ended 18 June. The reserves stood at $272.783 billion as of 11 June.

At the same time, foreign currency assets with the Reserve Bank increased to $250.370 billion from $247.241 billion last week.

The nation’s reserve position with the International Monetary Fund amounted to $1.310 billion, larger than the $1.298 billion reported in the preceding week.

Gold reserves remained unchanged at $19.423 billion.

The rise in reserves was attributed largely on account of the dollar weakening against major currencies during the week, which resulted in revaluation of non-dollar assets in the reserves.

Besides, foreign investors also brought additional funds into Indian stocks and bonds during the week.

India Monday 28 June 2010 : The rupee rose for the second staight session today by 15 paise to 46.12 against US Dollar in the early trade, as against its previous close of 46.27, on capital inflows by foreign funds from the equity markets.

It had gained by 22 paise to end at 46.27 on Friday last. With this, it has strengthened by 37 paise within two days.

The local unit appreciated today following gains in the equity markets and weakness of the greenback against other major world currencies, traders added.

It later moved in a narrow range between 46.13 and 46.08 in the intra day trade.

India Monday 28 June 2010 : Following were the indicative currency notes and travellers cheques buying and selling rates per unit today as given by Thomas Cook India Ltd.

(Figures in Rupees) ——————— Currencies Buy Sell US Dollar 43.40 48.55 Sterling Pound 65.60 72.80 Euro 53.60 59.80 Australian Dollar 38.50 42.40 Bahrain Dinar 114.20 130.10 Canadian Dollar 41.35 46.55 Danish Kroner 07.00 08.15 Egyptian Pound 05.90 08.45 Hongkong Dollar 05.40 06.40 Japanese Yen(100) 48.15 53.65 Jordan Dinar 57.80 67.00 Kuwait Dinar 134.55 160.30 Malayasian Ringgit 12.80 15.55 New Zealand Dollar 30.20 34.90 Norwegian Kroner 06.55 07.60 Oman Rial 111.75 127.15 Qatar Rial 11.80 13.55 Saudi Rial 11.45 13.20 Singapore Dollar 30.50 35.70 South African Rand 05.30 06.40 Swedish Kroner 05.45 06.30 Swiss Franc 39.50 45.45 Syrian Pound 00.30 01.05 Thai Baht(per100) 130.80 154.20 UAE Dirham 11.75 13.30 Chinese Yuan 04.95 07.70

India Monday 28 June 2010: Country’s forex reserves rose by $3 billion for the week ended June 18 amid sharp rise in foreign currency assets, the Reserve Bank said today.

The reserves increased to $275.969 billion as compared to $272.783 in the previous week, RBI said in its weekly report.

During the week, foreign currency assets, which is a major component of the reserves, increased to $250.37 billion from $247.241 billion in the week ago, the RBI said.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies, such as euro, sterling and yen, held in the reserves, the apex bank said.

During the week, gold reserves remained static at $19.423-billion while the Special Drawing Rights improved by a notch to $4.866-billion from 4.821 billion recorded in the week ended June 11.

India’s reserve position in the International Monetary Fund also climbed to $1.310 billion as compared to 1.298 billion in the preceding week.

India Friday 25 June 2010 : Following were the indicative currency notes and travellers cheques buying and selling rates per unit today as given by Thomas Cook India Ltd.

(Figures in Rupees) ——————— Currencies Buy Sell US Dollar 43.75 48.90 Sterling Pound 65.60 72.80 Euro 53.75 59.95 Australian Dollar 38.20 42.10 Bahrain Dinar 115.00 131.05 Canadian Dollar 41.35 46.55 Danish Kroner 07.00 08.20 Egyptian Pound 05.90 08.50 Hongkong Dollar 05.45 06.45 Japanese Yen(100) 48.45 53.95 Jordan Dinar 58.25 67.45 Kuwait Dinar 135.40 161.30 Malayasian Ringgit 12.85 15.60 New Zealand Dollar 30.15 34.85 Norwegian Kroner 06.55 07.60 Oman Rial 112.60 128.15 Qatar Rial 11.90 13.60 Saudi Rial 11.55 13.30 Singapore Dollar 30.55 35.80 South African Rand 05.35 06.45 Swedish Kroner 05.45 06.35 Swiss Franc 39.50 45.45 Syrian Pound 00.35 01.05 Thai Baht(per100) 131.60 155.10 UAE Dirham 11.85 13.40 Chinese Yuan 04.95 07.75

India Friday 25 June 2010 : The rupee today eased by four paise to 46.53 against US Dollar in the opening session, as compared to its previous close of 46.49, on capital outflows by foreign funds from the equity markets.

Yesterday, it had slumped by 33 paise to 46.49 per USD. With this, it has slid by 37 paise in last couple of days.

The strengthening of the US currency against other Asian currencies put pressure on the domestic unit, traders added.

It later fluctuated in a narrow range between 46.55 and 46.50 per USD in the intra-day trade.