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Market participants were eyeing comments by ECB President Mario Draghi for any indications on when the central bank plans to begin winding down its asset-purchase program.

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The dollar remained lower against the other major currencies on Thursday, after the release of downbeat U.S. jobless claims data and as the European Central Bank left interest rates unchanged.
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The RBI has already intervened in the currency markets in both spot and forward market to the tune of USD 3 billion and USD 17 billion, respectively, as of June 2017.

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But, RBI is not likely to cut policy rates and lower real rates to prevent further currency appreciation, as the central bank is following a flexible inflation targeting regime, the report said.

The report, however, noted that as capital flows remained buoyant, it would put appreciation pressures on rupee and could lead to excess liquidity, which in turn would create challenges for the RBI...

"If the pace of forex reserves is similar to that of the past four weeks, forex reserves would hit USD 400 billion by September 8, 2017," Morgan Stanley said in a research note, adding "the gain in...

India has seen rapid reserves accumulation previously as well � at the turn of the century when Bimal Jalan was RBI governor, in the quarters preceding the financial crisis when Y.V. Reddy had to...

The other two measures � import cover and short-term debt cover � do not suggest that the size of the reserves at this point of time is out of sync with what India has had over the past decade....

correlation coefficient (a measure of how closely two variables move in tandem, taking values between 0 and 1) between the two is 0.45. This roughly suggests that movements in foreign portfolio...

Reserve accumulation by the RBI has tended to move in tandem with net capital inflows into the Indian economy. The chart below shows that the two move in tandem --- especially during extreme quarters.

The data on the percentage increase in foreign exchange reserves tells us something quite different. India has accumulated more foreign exchange reserves than most of its peers. The question is why...

A comparison with what other large emerging market economies have done over the past year offers some important clues. The data on percentage changes in REER is taken from the Bank for International...

The Indian central bank thus finds itself trapped in a pincer�between those who accuse it of allowing the rupee to appreciate too much and those who insist that it is too focused on keeping the rupee...

The steady appreciation of the Indian rupee this year has led to fears that Indian exports have been priced out of global markets. Three of the four measures of the real effective exchange rate...

The continued rise can be attributed to better than expected economic recovery since the beginning of the year and improved market expectations for the yuan's exchange rate, the State Administration...

If passed by the Republican-led Congress, the agreement would provide government funding until December 15, potentially avoiding an unprecedented default on U.S. government debt.

The U.S. dollar index, which measures the greenback�s strength against a trade-weighted basket of six major currencies, was down 0.27% at 91.96 by 05:20 a.m. ET (09:20 GMT), the lowest since August...

The Australian dollar was stronger, with AUD/USD up 0.10% at 0.8010, while NZD/USD eased 0.08% to 0.7195.
The Aussie briefly weakened earlier, after the Australian Bureau of Statistics said retail...

Markets were also still jittery after South Korea deployed an anti-missile system in response to North Korea's sixth and largest ever nuclear test last weekend.

The safe-haven yen and Swiss franc were higher, with USD/JPY down 0.27% at 108.94 and with USD/CHF retreating 0.37% to trade at 0.9530.