Xiaomi's ₹5,551 crore assets seized over Forex violations
Business | Apr 30, 2022, 03:39 PM ISTThe company (also called Xiaomi India) is a trader and distributor of mobile phones in the country under the brand name of MI.
The company (also called Xiaomi India) is a trader and distributor of mobile phones in the country under the brand name of MI.
Sri Lanka's worsening foreign-exchange shortage has seriously impacted the energy sector, which largely depends on imports for fuel.
On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.480 billion to $569.889 billion.
According to RBI weekly statistical supplement, the reserves increased to $608.081 billion from $605.008 billion reported for the week ended June 4.
As per the RBI's data issued on May 28, the country's foreign exchange reserves rose by USD 2.865 billion to a record high of USD 592.894 billion for the week ended May 21.
The Enforcement Directorate (ED) on Friday summoned Punjab CM Captain Amarinder Singh's son Raninder Singh for violation of Foreign Exchange Management Act (FEMA) in connection with an alleged disproportionate assets case. The ED asked him to appear before them on October 27, in Jalandhar.
The country's foreign exchange reserves swelled by USD 3.623 billion to a record high of USD 538.191 billion in the week ended August 7, RBI data showed on Friday.
The rupee appreciated by 16 paise to close at 75.02 against the US dollar on Friday, tracking gains in domestic equities and lower crude oil prices.On weekly basis, the domestic currency logged 18 paise gains over the American unit.
The rupee pared some of its early gains to settle marginally up by 3 paise at 74.99 against the US dollar on Thursday tracking weakness in the greenback and gains in the domestic equity market.
The rupee pared initial gains to close flat at 75.65 against the US dollar on Friday as concerns about rising COVID-19 cases weighed on investor sentiment.
India's forex reserves rose substantially by USD 5.942 billion to touch a life-time high of USD 507.644 billion in the week to June 12, helped by a significant jump in the foreign currency assets (FCA), RBI data showed.
The rupee depreciated by 19 paise to close at a more than six-week low of 76.03 on Monday as weak domestic equities and sustained foreign fund outflows weighed on investor sentiment. Forex traders said risk appetite has waned amid concerns over the second wave of COVID-19 globally.
India's forex reserves cross $500 billion markIndia's forex reserves cross $500 billion markAccording to the RBI's weekly statistical supplement, the overall forex reserves increased to $501.703 billion from $493.480 billion reported for the week ended May 29.
The country's foreign exchange reserves surged USD 3.43 billion to a fresh all-time high of USD 493.48 billion for the week ended May 29 on a handsome accretion of the core currency assets, the Reserve Bank of India (RBI) said on Friday.
The rupee pared its early gains to close almost flat at 75.58 against the US currency on Friday due to dollar demand from banks and rising crude oil prices.
India's foreign exchange reserves rose by over $3 billion during the week ended May 22. According to the RBI's weekly statistical supplement, the overall forex reserves increased to $490.044 billion from $487.039 billion reported for the week ended May 15.
The rupee appreciated by 25 paise to settle at 75.66 against the US dollar on Tuesday as reports of initial success in COVID-19 vaccine trials boosted investor sentiment world over.
The rupee on Thursday recovered from record low levels to settle 6 paise higher at 76.28 against the US dollar tracking gains in equity markets and foreign fund inflows. The local unit had settled at an all-time low of 76.34 against the greenback on Wednesday.
The rupee pared its initial gains to settle marginally higher at 74.24 against the US dollar on Tuesday amid continued meltdown in equity markets and sustained foreign fund outflows. Forex traders said the Indian rupee which started the day on a positive note, witnessed heavy volatility amid fears that the rate cut by the Reserve Bank would not be sufficient to boost market sentiments.
The Reserve Bank will sell USD 2 billion worth of American currency to banks in a bid to infuse liquidity in the domestic forex market roiled by mounting concerns over coronavirus pandemic and crash in global oil prices.
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