RIL appoints KV Kamath as independent director for 5 yrs, RSIL to be renamed as Jio Financial Services.

Forex reserves up .

Rupee moves up. @ Rs 82.44 vs U S $

Gold bounces back

 Reliance Industries Ltd had said that it will demerge its financial services business and list it separately on the stock exchanges under Jio Financial Services Ltd

Reliance Industries on Friday appointed appointed K V Kamath as Independent Director of the company for a period of five years.

“The Board of Directors has, at its meeting held today, based on the recommendation of the human resources, nomination and remuneration committee considered and recommended to the shareholders for approval the appointment of Shri K. V. Kamath as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from the date of assumption of office by Shri K. V. Kamath,” the company said in its filing.

KV Kamath has also been appointed as an Independent Director and non-executive Chairman for Reliance Strategic Investment Limited (RSIL).

RSIL will be renamed as Jio Financial Services Limited (“JFSL”) and the scheme of demerger approved by the board of directors for demerger of the financial services business. 

 India’s forex reserves record the biggest weekly gains in more than a year, now at $531.08 bln

Generally, RBI announces its weekly statistical supplement data every Friday.

As per the statistical data, India’s forex reserves came in at $531.081 billion in the week ending October 28, 2022, rising by $6,561 billion compared to the previous week.

India’s forex reserves jump to $531.081 billion in the week ending October 28, 2022, making it the biggest weekly gain in more than a year. All indicators in reserves witnessed an upside in the latest week with foreign currency assets outperforming. Generally, RBI announces its weekly statistical supplement data every Friday.

As per the statistical data, India’s forex reserves came in at $531.081 billion in the week ending October 28, 2022, rising by $6,561 billion compared to the previous week. This would be the highest gain since September 2021.During the week ending October 21, 2022, the reserves were at $524.520 billion. In this week, the reserves dipped by $3,847 billion.

So far, in the current year, reserves have dipped by 16% on the back of RBI’s intervention in the currency markets and changes in valuation due to US dollar strengthening to over two decades high.

Further, in the week ending October 28, the foreign currency assets (FCA) which is the major component in forex reserves, recorded an upside of $5,772 billion to $470.847 billion. In the week that ended on October 21, FCA stood at $465.075 billion.

Meanwhile, gold reserves soared by $556 million in the week ending October 28 to $37.762 billion. SDRs stood at $17,625 billion in the week increasing by $185 million. The reserve position in the IMF came in at $4,847 billion up by $48 million compared to the previous week.

On Friday, the Indian rupee appreciated and closed at 82.44 against the US dollar at the interbank forex market. The strengthening in the rupee was driven by a rally in the Chinese yuan due to hopes of relief in U.S.-China tensions and expectations of easing of pandemic curbs by Beijing. On the previous day, the rupee was 82.88 against the US dollar.

Gold rate today: Following profit booking trigger in the US dollar, gold prices bounced back strongly after hitting one-month lows on Thursday session. In fact the precious bullion metal surged towards three-week high on MCX (Multi Commodity Exchange), logging around 1.27 per cent weekly gain at the domestic bourses whereas in spot market, gold rates shot up to the tune of 2 per cent in recently ended week. Gold future contract for the month of December 2022 on MCX ended on Friday at ₹50,880 per 10 gm levels whereas spot gold price finished at 1,680 per ounce levels. According to commodity market experts, gold prices have bounced back as dollar index came down from around 113 levels to below 111 mark. They said that the US Fed sounded more hawkish than expected and dampened hopes of any change in its tightening plans. This boosted the greenback toward the 113 mark. However, it gave up much of its gains after the Chinese move of ‘zero Covid’ policy. This is expected to strengthen yuan and boost demand for metals including bullions. They said that currently gold rates are in the range of $1,620 to $1,685 per ounce levels. On breaching the upper band, it may go up to $1,710 per ounce levels. On MCX, they said that gold price is expected to remain in the range of 49,800 per ounce to ₹50,900 per 10 gm levels. On breaching the immediate resistance, it may go up to ₹51,300 and ₹51,800 levels. They advised gold investors to keep these pivot levels in mind and maintain ‘buy on dips’ strategy as overall sentiment for gold may continue to remain ‘sideways to bullish.’

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