India’s Forex Dream

India has recently revealed its plans to double its foreign exchange earnings in the next three years through the country’s tourism efforts. It has also disclosed its goal to be the number one foreign exchange earner, although it was not clarified whether this will be on the level of global or regional charts.

In an interview posted at Rediff.com, India’s Tourism Minister said that India expects to attain $10 billion in foreign exchange earnings in the next three years, which it sees it can easily attain after gaining $4.8 billion in forex earnings last 2004.

India’s transformation into a tourist destination and recent series of international acknowledgements, the Tourism Minister said, are other reasons this forex goal will be attained as planned.

According to the Minister, everyone can see the tell tale signs that India’s tourism is booming such as the title it just received from the National Geographical Traveller for being the land of mystery and majesty and from the Lonely Planet as one of the top 5 destinations of the world.
(Source: Tourism To Be No. 1 Forex Earner, Rediff.Com)

Summit To Discuss Forex Issues

A summit to be held in India on November 22, 2005 will discuss the recent forex issues affecting the global market place and India’s as well. Called the 2005 Hindustan Times Leadership Summit, the gathering will attempt to identify the impact of global events on India’s economy and bulging forex reserve.

The head of London-based Nasdaq Charlotte Crosswell will be leading the summit together with India’s top local officials such as M Damodaran, India’s securities market regulator, and Ravi Narain, India’s National Stock Exchange managing director.

A two-day summit, India’s finance minister P Chidambaram, a key instrument in liberalizing India’s financial markets, will end the summit with keynotes on building a better future for the country. Chidambaram currently faces the tough job of guiding India’s next generation reforms in balance with the coalition politics compulsions.

Other topics to be discussed in the summit include the possible co-existence of shareholder value and service to society, India’s telecom networks, and other reforms needed by the industry.

(Source: The Bottom Line: What’s In It For India?, Hindustantimes.Com)

Dollar Up In Tokyo

The US Dollar regains ground in the closing of yesterday’s trading in Tokyo, Japan. Forbes.com revealed, based on what dealers said, that the US dollar firmed again against the yen in early afternoon trade after an earlier bout of profit taking had briefly arrested its upward rise.

"The US unit had eased back after hitting a fresh 27-month high of 11.92 yen in overnight trade in New York…the dollar was at 118.92 yen, up from 118.86 yen in early Sydney but up from 1.1710 in New York," the website added.

According to Forbes.Com, the US Dollar’s return to the top slot was driven by comments from US Federal Reserve Chair nominee Ben Bernanke on fighting the inflation, aired to the Senate committee also yesterday.

Another factor behind this increase is the continued positive confidence of investors on the continuing wide interest rate differentials between US and Japanese assets. Currently, the Japanese Prime Minister has put an end to their central bank’s extra loose monetary policy.

(Highlights of Forex- US Dollar Firms Again In Tokyo Trade After Earlier Profit Taking, Forbes.Com)