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Arora, Shagun
- Foreign Exchange Reserve Management in India: An Analysis on Objectives and its Adequacy
Abstract Views :614 |
PDF Views:178
Authors
Affiliations
1 New Delhi Institute of Management, All India Management Association (AIMA), Affiliated to Aligarh Muslim University, IN
1 New Delhi Institute of Management, All India Management Association (AIMA), Affiliated to Aligarh Muslim University, IN
Source
Review of Professional Management- A Journal of New Delhi Institute of Management, Vol 13, No 2 (2015), Pagination: 1-14Abstract
India's Foreign Exchange Reserves have increased from US $9.220 billion (1991-92) to US $ 341.638 billion at the end of March 2015 as a result of measures introduced to liberalize the economy and the financial sector reforms in 1991. This research explores various definitions provided by researchers on the Reserve Adequacy and then attempts to find adequate level of Forex. for India . The management of excess Reserves built up for so many years is the biggest challenge for the country. Currently in India, RBI in consultation with the GOI manages the Foreign Exchange Reserves. Emphasizing on the objectives of Reserve management as liquidity and safety, this paper attempts to look at various options to utilize the excess reserves. In this paper, quantitative techniques have been used to measure the impact of various independent variables like Net Export, Foreign Direct Investment, Foreign Institutional Investment and Non Resident Deposits and their impacts on Foreign Exchange Reserves are interpreted. Thereafter, the paper looks at various practices of investing Reserves on income generating assets in emerging economies. Then, the paper recommends methods of appropriate management of reserves both for precautionary and investment purposes.Full Text
- The Relationship between Exchange Rate & Stock Prices:Evidence from the Indian Market
Abstract Views :269 |
PDF Views:129
Authors
Shagun Arora
1,
Asif Akhtar
2
Affiliations
1 New Delhi Institute of Management, New Delhi, IN
2 Aligarh Muslim University, Aligarh, IN
1 New Delhi Institute of Management, New Delhi, IN
2 Aligarh Muslim University, Aligarh, IN
Source
Review of Professional Management- A Journal of New Delhi Institute of Management, Vol 16, No 1 (2018), Pagination: 44-49Abstract
The study investigates the relation between exchange rate Rs/$ and stock prices in India. S and P Bombay Stock Exchange 500 index is considered as an indicator for Stock Exchange while average exchange rate returns of Indian Rupee versus Dollar is taken as proxy for Exchange rate. Johansen’s co-integration and Granger causality test have been used to identify the long-run and short-run equilibrium relationship between the exchange rate and the stock price from 2007-2017. The study reveals that there is no long term co-integrated relationship between the two financial variables. However, the causality runs from the stock market to exchange rate confirming the portfolio approach. This relation between the exchange rates and stock prices corroborates that volatility of exchange rate in Foreign exchange market is caused by the inflow and out flow of foreign portfolio investment in India. Economic effect of the volatility of exchange rate is borne by the private corporate having foreign exposure in terms of erosion of Firm value.Keywords
Exchange Rate, Stock Prices, Granger Causality, Johansen Co-Integration.Full Text
References
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- Proceedings on Second Global Leadership Symposium and International Conference at New Delhi Institute of Management on 6th and 7th July, 2019
Abstract Views :180 |
PDF Views:149
Authors
Affiliations
1 Registrar and Associate Professor (HR/OB), New Delhi Institute of Management, IN
2 Assistant Professor (Economics), New Delhi Institute of Management, IN
3 Associate Professor (HR/OB), New Delhi Institute of Management, IN
1 Registrar and Associate Professor (HR/OB), New Delhi Institute of Management, IN
2 Assistant Professor (Economics), New Delhi Institute of Management, IN
3 Associate Professor (HR/OB), New Delhi Institute of Management, IN
Source
Review of Professional Management- A Journal of New Delhi Institute of Management, Vol 17, No 1 (2019), Pagination: 104-107Abstract
No Abstract.Keywords
No Keywords.Full Text