RBI announces FX reserves in USD as 319.35 Billion

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RBI today announced FX reserves in USD as 319.35 Billion. It was 319.99Billion last time.
This may give confidence for RBI not to buy surplus dollars for the time being from the market. Also it may give the power for selling USD if the rates go beyond ‘lakshmanrekha’. But we don’t know what is the ‘rekha’ kept by RBI to intervene.
Let us wait and see how the market responds to this almost same figure announced by RBI.

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Global oil prices expected to continue to decline

USDINR tips

Crude oil is trading in the $95 price range as speculators continue to believe that violence and tensions around the globe will not have an effect on supply. Recent reports show that the world is swimming in oil and that territories under siege continue to produce oil. Crude oil is trading at 95.73 while Brent oil touched its lowest of the year on Thursday trading at 102.00. Brent oil has recovered a bit this morning as traders are buying up the cheap commodity. Brent is trading at 102.72 as the spread holds at $7.00.
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