FOREX RESERVES GO UP BY $530 MILLION
Article Abstract:
Even before the Resurgent India Bonds (RIBs) have started gaining dollars, India's foreign exchange reserves have started growing. According to Reserve Bank of India's (RBI) weekly statistical supplement, the total foreign exchange reserves including gold and SDRs increased by $530 million during the week ended August 28, 1998, taking the total reserves to $27,505 million. This has happened due to the measures announced by RBI to arrest the volatility in the forex markets and also because of export earnings. The total stock of money in the economy showed a figure of Rs884,344 crore as on August 14, 1998 which is a 0.3 percent growth during the last 15 days and a 4.7 percent growth so far in the current year. (um)
Comment:
India: Foreign exchange reserves have started growing even before Resurgent India Bonds have started gaining dollars
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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L&T STRIKES THE FIRST EURO FOREX DEAL IN INDIA
Article Abstract:
Larsen & Toubro (L&T) has bought ECU (European Common Unit) 0.5 million through the Bank of America. It is the first Indian company to make a deal in euros. The euro currency is expected to be quoted at Rs49 per US dollar. L&T has bought ECUs worth Rs2.45 crore. The ECU will be replaced by the euro currency in the ratio of 1:1, according to the European Central Bank guidelines. The financial markets are likely to open on January 4, 1999, and the ECU will be converted to euros. Many other Indian corporates will go for the euros. As on December 31, 1997, the market value of bonds, equities and bank assets of euroland is estimated to be US$27 trillion. (rk/kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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FOREX KITTY POORER BY $3.5 BILLION ON GOLD IMPORTS
Article Abstract:
The gold import scheme introduced by the Government of India in October 1997 has led to a drop in foreign exchange reserves by $3.5 billion. Gold imports under the open general licence (OGL) scheme were about 350 tonnes in the last 9 months, which will result in a net forex ouflow of $3.6 billion. According to the Reserve Bank of India (RBI), the outflow of forex might have led to the weakening of the rupee in the recent past. The actual gold imports have increased from 420 tonnes in 1996-97 to 750 tonnes in 1997-98. The projected imports of gold during 1998-99 are about 1,000 tonnes. (gs)
Comment:
India: Gold import scheme introduced by Govt in October 1997 has led to a drop in foreign exchange reserves by $3.5 bil
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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