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Mumbai, Reserve Bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> on Friday said India has been building up <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">gold reserves</keyword> as part of its forex deployment. "We are building up gold reserves that is a part of our reserve deployment," Das told reporters at the customary post-policy review press conference here. He did not give any specifics on the quantum of gold buys, but pointed to the official data which shows an increase in the value of gold reserves. As per official data, the value of gold in the <keyword id="20344433" type="General" weightage="20" keywordseo="forex-reserves" source="keywords">forex reserves</keyword> stood at USD 51.487 billion as on March 22, which is USD 6.287 billion higher than the value as at end-March 2023. As per a recent news report, RBI bought 8.7 tonne of gold in January alone which is the highest in two years. The <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword>'s gold holdings had touched 812.3 tonne at the end of January from 803.58 tonne in the preceding month, as per the World Gold Council. The price of gold has also seen a rally over the last few months. Earlier in the day, Das announced that the overall forex reserves have touched an all-time high of USD 645.6 billion as of March 29, a breakup of which will be made available on Friday evening with the release of the weekly statistical supplement (WSS). Speaking to reporters, Das said RBI has consciously focused on building forex reserves over the last four-five years to act as a buffer against any future risks where there are dollar outflows from India. He also said the central bank's approach on the forex front adds strength to the national balance sheet as well. Das also said that having a stable rupee is a priority for the Reserve Bank.

India is building up gold reserves says RBI governor Shaktikanta Das

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> fell 27 paise to close at 82.05 (provisional) against the US currency on Tuesday, weighed down by a strong greenback against major rivals overseas and a muted trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 81.84 against the dollar and slipped below the 82 levels to close at 82.05 (provisional), down 27 paise from its previous close. During the day, the rupee witnessed a high of 81.83 and a low of 82.15 against the greenback. On Monday, the rupee settled at 81.78 against the dollar. The rupee depreciated and is at its lowest level in two and half weeks on the positive US Dollar index. However, soft crude oil prices cushioned the downside, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 per cent to 101.47. "US Dollar gained on risk aversion in global markets and as the Federal Reserve's Senior Loan Officer Opinion Survey shows banks continued to tighten credit conditions for business and households, but it was better than expected," Choudhary added. Brent crude futures, the global oil benchmark, declined 0.88 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="usd" source="Orion">USD</keyword> 76.33 per barrel. "We expect the rupee to trade with a negative bias on the strong Dollar amid safe haven appeal on the back of risk aversion in global markets and worries over a global economic slowdown. "However, softening crude oil prices at higher levels and FII inflows may support the rupee at lower levels. Investors may remain cautious ahead of inflation data from India and the US later this week. We expect USD/INR spot to trade in between 81.60 to 82.75 in the near term," Choudhary added. On the domestic equity market front, the 30-share BSE Sensex closed 2.92 points lower at 61,761.33. The broader NSE Nifty advanced 1.55 points to 18,265.95. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth Rs 2,123.76 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-pump-9677-crore-into-financial-services-and-auto-stocks-in-april/articleshow/100100496.cms">FPIs pump ₹9,677 crore into financial services and auto stocks in April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-closes-at-61761-on-fag-end-volatility-after-crossing-62000-during-the-day/articleshow/100101148.cms">Sensex closes at 61,761 on fag-end volatility after crossing 62,000 during the day</a>

Rupee weighed down strong greenback, falls 27 paise to close at 82.05/USD

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 57 paise to close at 81.78 (provisional) against the US dollar on Tuesday, the biggest single-day gain since November. Forex traders said the rupee was the best performer among Asian currencies and now has the support of 81.70. At the interbank foreign exchange market, the local unit opened at 82.20 and touched an intra-day high of 81.72 and a low of 82.26 against the greenback. It finally ended at 81.78 (provisional), registering a rise of 57 paise over its previous close. On Monday, the rupee settled at 82.35 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.12 per cent to 103.12. The rupee became the best performer among the Asian currencies following stop order triggers and inflows from bond selling, said Dilip Parmar, Research Analyst, <keyword id="11837714" type="DOMAIN" weightage="20" keywordseo="hdfc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="hdfc" meta.entityname="Housing Development Finance Corporation Ltd." meta.entityid="13640" meta.seoname="housing-development-finance-corporation-ltd">HDFC</keyword> Securities. "The local unit witnessed the biggest single-day gains after November 11 and broke the psychological level of 82 as the traders rushed to cover the positions," Parmar said. Parmar further noted that Spot USD/INR now has the support of 81.70, "the 50 per cent Fibonacci retracement adjoining the November 14 low of 80.51 and the January 03 high of 82.94. The near-term view remains bearish for the pair and a level below 81.70 will pave way for 81.45 while on the higher side 82.10 acts as resistance". On the domestic equity market front, the 30-share BSE Sensex declined 631.83 points or 1.04 per cent to end at 60,115.48, while the broader NSE Nifty fell 187.05 points or 1.03 per cent to 17,914.15. Global oil benchmark Brent crude futures rose 0.13 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="usd" source="Orion">USD</keyword> 79.75 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth Rs 203.13 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/net-inflows-in-mf-schemes-up-three-times-at-7303-crore-in-december/articleshow/96881163.cms">Investors continue to SIP on equities: Net Inflows in MF schemes up three times at ₹7,303 crore in December</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcs-tata-motors-paytm-among-stocks-in-focus-on-tuesday/articleshow/96870156.cms">Sensex sheds 632 points, Nifty50 falls 187 points as PSU bank, financial services and IT stocks drag</a>

Rupee gains 57 paise to close at 81.78 against US dollar

The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) on Thursday has directed all the credit information companies to appoint an internal ombudsman by April 1, 2023. The RBI, in its Statement of Developmental and Regulatory Policies, on August 5, 2022 had called for bringing credit information companies under the internal ombudsman framework to strengthen and improve the efficiency of the internal grievance redressal mechanisms. According to the central bank, the internal ombudsman shall be either a retired or a serving officer, not below the rank of deputy general manager or equivalent in any financial sector regulatory body, credit information companies, a non-banking financial company (<keyword id="6355260" type="General" weightage="20" keywordseo="nbfc" source="Orion">NBFC</keyword>) or bank, with necessary skills and experience of at least seven years in banking, non-banking finance, financial sector regulation or supervision, credit information, or consumer protection. The appointment will be for a fixed term of not less than three years, but not exceeding five years. The internal ombudsman cannot be removed before the completion of the contracted term without the RBI's explicit approval. In case the vacancy arises on account of reasons beyond control, the credit information company shall appoint a new internal ombudsman, within three months from the date of the vacancy arising. The RBI also said that the scope of the internal audit of credit information companies shall exclude any assessment of the correctness of decisions taken by the internal ombudsman. The internal ombudsman shall report to the Managing Director or Chief Executive Officer administratively, and to the Board functionally.

RBI directs credit information companies to appoint internal ombudsman

A general perception is that most of the rural population is not well-versed in digital banking in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. However, in what can be termed as a revelation, according to a pan-India "Financial Literacy and Inclusion survey" conducted by the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>), digital banking awareness and knowledge among the rural and urban population across the country is at par with each other, with the average being 11.7 for both segments on a score of 21. The survey was based on three parameters namely, financial knowledge, attitude and behaviour. On a total score of 21, the average urban and rural scores were 11.7. Zone-wise, the scores were as follows: In the north zone, the scores in urban and rural areas were at par at 11.5 each. Similarly in the east zone too, the scores were 12.1 for both rural and urban areas. In the central zone, the score for urban areas was 12.5 and for rural areas, it was marginally less at 12.1. The West zone also showed neck-to-neck scores with urban areas recording 12.6 and rural areas showing 12.5. In the south zone, the urban area score was 11.2 while the rural area score stood at 10.3. With both urban and rural areas not showing much of a difference across the country according to the RBI survey, it indicates that in terms of awareness about digital banking, a lot needs to be done to improve knowledge across all strata of society. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/fm-nirmala-sitharaman-admitted-to-aiims-hospital-say-news-reports/articleshow/96513576.cms">FM Nirmala Sitharaman admitted to AIIMS Hospital, say news reports</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/central-bank-of-india-to-raise-up-to-1500-crore-this-fiscal/articleshow/96520295.cms">Central Bank of India to raise up to ₹1,500 crore this fiscal</a>

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India is building up gold reserves says RBI governor Shaktikanta Das

PTI

Rupee weighed down strong greenback, falls 27 paise to close at 82.05/USD

PTI

Rupee gains 57 paise to close at 81.78 against US dollar

PTI

RBI directs credit information companies to appoint internal ombudsman

IANS

Financial literacy poor across urban, rural population in country: RBI survey

IANS

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