Forex Market News Live 2015
Forex in Foreign Exchange Firms for Forex trade people for every Market person and is now opened we are providing you the latest news Invest United Arab Emirates for a banking license in India as in Hindi language 2016 per RBI relaxes some Daily Forex Market FX option premium payment rules then Rupee falls to record intra-day low of against Dollar and now India's Forex reserves up by 21 million dollar Reserve bank of India also said We have enough reserves to deal with currency woes.
Forex News on Reserve Bank of India on Tuesday relaxed premium payment rules on creating some Forex Market News Live options by allowing the buyer of the option to spread the premium payment over the maturity of the contract. This facility will be available for cost reduction Forex option structures in which the liability of the buyer will not exceed the net premium payable to the bank, the Reserve Bank of India said. The premium payment should be made at least once a quarter
#1. UAE Exchange, is one of the largest foreign exchange firms in the United Arab Emirates, has applied to RBI for a banking license in India.
UAE Exchange Managing director and Chief executive Dr BR Shetty said that the group has been present in India since 1999 and has strong presence in other countries, from where Indian expatriates send money to their families in India.
If RBI given license to UAE Exchange, it will be able to start its operations within the stipulated 18 months. UAE Exchange has 328 branches and 44,000 agents in India. The Forex house sold its 40 percent stake to Centurion Investment last year in a deal said to be worth $2billion.It is one of the oldest exchange houses in the UAE with 99 branches and 560 branches in 29 other countries.
#2. India’s foreign exchange (Forex) reserves increased by $21.1 million to $280.188 billion for the week ended July 12, according to data released by the Reserve Bank of India. The reserves had declined by $4.47 billion to $280.167 billion for the week ended July 5.
The foreign currency assets (FCA) - the biggest component of the Forex reserves - grew by $33.5 million at $252.13 billion, the weekly statistical supplement of the central bank shows. Gold reserves remained stagnant at $21.55 billion. The gold reserves had plunged by 1.28 billion in the week ended July 5.
The special drawing rights (SDRs) rose by $6.7 million to $4.33 billion during the week under review, while reserves with the International Monetary Fund (IMF) went down by $19.1 million to $2.16 billion. The SDRs had dropped by $14.6 million to $4.32 billion during the previous week, while reserves with the IMF went down by $7.4 million to $2.18 billion.
#3. I believe our Forex reserves are adequate to manage current situation," RBI Governor D Subbarao said in 2012 a response to whether RBI has enough firepower to defend the rupee, which plunged to an all-time low of 65.56 on Friday.
The country's foreign exchange reserves were up at USD 278.602 billion as of August 9 compared with USD 277.17 billion a week earlier.
Subbarao also said the recent measures taken to curb volatility of rupee would continue till stability is restored.
RBI took steps on July 15 and 23 to tighten liquidity. These measures were taken to "raise cost of rupee resources at the short end which is in the arsenal of instruments available to central bank to defend against volatility in rupee," he said.
On financing CAD, Subbarao said, "They have to come from FDI, FII, equities flow, FII debt flows and I believe the government has given those numbers that is the joint and shared effort of the government and the RBI."
Meanwhile, he said, RBI has been focusing in the last three months especially in the last one month on undertaking stabilization measures.
#4. The rupee fell below the 67 per dollar mark on Wednesday as uncertainty over a possible U.S.-led military strike against Syria knocked down Asian equity markets and currencies, also pushing the domestic benchmark bond yield to 9 percent.
The partially convertible rupee was trading at a record low of 67.40/45 per dollar, sharply below its close of 66.24/25 on Tuesday.
The benchmark 10-year bond yield was up 22 basis points at 9 percent
The rupee resumed lower at 65 per dollar as against the last closing level of 64.30 per dollar at the Interbank Forex Market.