No chance of India slipping into stagflation, says Nirmala Sitharaman Aug 2, 2022, 04:05AM IST.While most central banks in Asia are also raising rates, economists see this aimed more at tamping down inflation than narrowing the rate differential with the Federal Reserve. India, Thailand and Korea have seen their reserves drop by a combined $115 billion this year as they sold dollars to curb currency declines. Asia's central banks deploy forex reserves in fighting currency bears Aug 4, 2022, 10:58AM IST."We expect the USD-INR (spot) to trade sideways and quote in the range of 79.20 and 79.80 in the short-term," Somaiya added.On the domestic equity market front, the BSE Sensex ended 51.73 points or 0.09 per cent lower at 58,298.80 points, while the broader NSE Nifty fell 6.15 points or 0.04 per cent to 17,382.00 points. Rupee falls 17 paise to close at 79.32 against US dollar Aug 4, 2022, 05:13PM IST.
“The Rupee’s losses Thursday were exclusive to the local market as the dollar was marginally lower to 106.16,” said a trader from a large bank.“The pressure came from the offshore derivatives market weighing on the rupee,” said the person. RBI moves in to support rupee, unit closes at 79.47 Aug 4, 2022, 08:11PM IST.Also, India compares much better than emerging market economies as far as the external sector strength is concerned, RBI indicated. Forex reserves rise after falling for four weeks Aug 5, 2022, 01:19PM ISTĭespite the resultant drawdown, India’s foreign exchange reserves remain the fourth largest globally.
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