Forex

State Bank of India has announced its latest foreign exchange rates, reflecting ongoing volatility in global currency markets and shifting demand for major international currencies. The revised rates apply to retail and corporate customers and align with broader movements in the rupee against key global benchmarks. Currency pricing continues to be influenced by global interest rate expectations, geopolitical developments, and cross-border trade flows.

The Reserve Bank of India (RBI) has expanded its alert list to include additional online forex trading platforms that are operating without authorization, intensifying its crackdown on entities luring retail investors into high-risk and illegal foreign exchange transactions. The move underscores the central bank’s growing concern over fraudulent schemes, misleading advertisements, and platforms promising unrealistic returns.

India’s foreign exchange reserves registered a notable drop of $1.183 billion (approximately Rs. 9,862 crore) in the latest reporting week, reflecting the impact of global financial market movements and dollar strength. The decline, which comes after several weeks of reserve accumulation, underscores the Reserve Bank of India's (RBI) ongoing interventions to stabilize the rupee amid external headwinds. Fluctuations in foreign currency assets, gold holdings, and IMF-related positions contributed to the contraction.