Forex reserves dip by a billion dollars again
Mumbai: The country's foreign exchange reserves Reserves declined by $1.256 billion for the week ended July 30, to touch $118.319 billion against $119.575 billion the previous week, when it dipped by $1.531 billion, as per the latest RBI statistics. The reserves have dropped by over $1 billion for the second consecutive week. A weakening of major currencies like euro, pound sterling and yen also led to a decline in the foreign currency asset position, which include the effect of appreciation or depreciation of non-US currencies in reserves, expressed in dollar terms.

Foreign currency assets declined by $1.248 to touch $112.967 billion against $114.215 billion in the preceding week, according to RBI's Weekly Statistical Supplement. The reserve position in the IMF dipped by $8 million to touch $1.293 billion. The funds parked by the banks in repos with the central bank as on July 30 were about Rs 53,000 crore. The amount has marginally declined from the previous week when it was around Rs 58,000 crore.
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SBI rates on short-term deposits slashed
Mumbai: The State Bank of India has trimmed interest rates on its short-term domestic term deposits by 25 basis points, effective August 9. Interest rates on short-term deposits with maturity between 15-45 days and 46-179 days have been pruned by 25 basis points to 3.75 per cent per annum and 4.25 per cent per annum respectively, said a press release. The bank has also decided to discontinue the domestic term deposits with a maturity period of 7 days to 14 days for Rs.15 lakh and above.

There is no change in interest rates of term deposits with maturity period of 180 days and above. For term deposits of 180 days to less than one year, and one year to less than three years and three years and above, the interest rates shall continue to remain at 4.75 per cent per annum, 5 per cent per annum and 5.25 per cent per annum, respectively. Senior citizens will continue to receive higher interest rates of 50 basis points for domestic term deposits with maturity of one year and above.
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Allahabad Bank raises FCNR rates
Kolkotta: Allahabad Bank has raised the interest rates on foreign currency non-resident deposits. The new rates on US dollar deposits are 2.16 per cent (earlier 2.08 per cent) for one year to less than two years, 2.89 per cent (2.79 per cent) for two years to less than three years, and 3.35 per cent (3.28 per cent) for three years.
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