FOREX TRENDS IN INDIA

Trend 1: Indian Rupee reached new heights: The rupee rallied for the fourth straight trading session to close up by 17 paise at nearly a five-month high of 44.42/43 against the U.S. currency on heavy capital inflow amid sale of dollars by exporters and some banks despite flat equities and a firm dollar overseas. Dealers said that robust capital inflow was the main reason behind the rise in the rupee value, a dealer said. Exporters and some banks preferred to reduce their dollar position on heavy flow of funds, they added. Foreign Institutional Investors (FIIs) picked up shares worth over $ 1.2 billion in seven days since March 22. Meanwhile, the Bombay Stock Exchange benchmark Sensex fell by nearly 15 points to close at about 19,687 in a choppy trade. Alpari Forex (India) Pramit Brahmbhatt said, Rupee traded positively at an 5 month high today touching a high of 44.39 supported by strong dollar inflows while weaker Asian peers and dollar demand by oil importing companies acted as a deterrent to the strengthening of the Rupee. Later, it moved in a range of 44.50 and 44.3950 before settling the day at 44.42/43, a net rise of 0.38 per cent. It has risen by 91 paise or 0.41 per cent in a straight four-session of gaining string. Previously, it had closed at 44.31/32 on November 11, 2010. Trend 2 Ban on foreign airlines to use overseas banks for tickets: April 5, 2011:

Mumbai, Apr 5 The Reserve Bank on Tuesday asked banks to ensure that foreign airlines do not use overseas banks for settling India ticket sale transactions in rupees. RBI has found that in certain cases where ticket payments are made using credit or debit cards, card companies allow foreign airlines to select the country and currency of their choice for rupee transactions. In such transactions, overseas banks receive the funds from card companies in their Vostro accounts and make payments in foreign currency to the airlines. This practice is not in conformity with the provisions of the Foreign Exchange Management Act, 1999, RBI said in a statement. AD CategoryI banks may, therefore, advise the foreign airlines to discontinue immediately the practice of using overseas banks for settlement of INR transactions on account of sale of air tickets in India, RBI said. Airlines incorporated outside India are allowed to repatriate the surplus from ticket sales through their agents after local expenses and taxes applicable in the country. Vostro account is an account that a bank holds on behalf of another bank in another country. Trend 3 Pakistani singer found guilty: "Pakistani sufi singer Rahat Fateh Ali Khan and two members of his troupe were released by DRI pending probe, a day after they were detained for their undeclared USD 1.24 Lakh(about Rs 60 lakh). The DRI officers found altogether Rs 1.24 Lakh USD which is equivalent to about Rs 60 lakhs. 24,000 USD were found from the baggage carried by Rahat while the remaining 50,000 USD each were found from the baggage of two troupe members," Central Board of Excise and Customs Chairman S Dutt Majumdar had said. He said there were "clear violations of excise laws" and the currency carried by them was "much above" the allowed limit. As per norms, no one can carry beyond USD 5,000 in cash and 5,000 USD in other instruments. The person has to declare the amount if he is carrying more than this to the Customs Department.

Trend 4 Increasing Forex jobs in India: Forex Jobs In India - A Developing Nation In Foreign Exchange! By: Forex Expert|2010-09-07|Currency Trading Forex Jobs in India Despite many setbacks, the foreign exchange in india has been growing steadily and rapidly. Four hundred billion dollars is the annual turnover of the foreign currency exchange market in india. This sum does not include the transactions taken place between the banks, which are called as Inter-bank transactions. Despite many setbacks, the foreign exchange in india has been growing steadily and rapidly.