Currency

India is not in favour of a BRICS currency and does not support the introduction of any such scheme, Commerce and Industry Minister Piyush Goyal said on Friday. BRICS group comprises 11 major emerging markets and developing countries of the world -- Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and United Arab Emirates (UAE). It serves as a platform for consultation and cooperation on contemporary issues having global as well as regional significance, and issues of global political and economic governance. "Bharat BRICS currency ke paksh mein nahin hai. Hum samarthan nai dete ki aisi koi BRICS currency jaisi nai yojna lai jaye. Bharat ka uske upar virodh hai (India is not in favour of a BRICS currency. We do not support the introduction of any such BRICS currency scheme; India opposes it)," he told reporters after conclusion of the two-day meeting of BRICS trade and industry ministers in Jaipur. These remarks are important as in 2024, U

This is ICICI Bank's first dollar bond issuance since 2017 and also the largest single tranche dollar bond issuance by an Indian issuer in 2026

The RBI and UAE central bank are discussing regulatory hurdles as India seeks to attract more foreign-currency deposits from NRIs to strengthen forex reserves

The weaponisation of financial markets is driving the search for less risky alternatives, and China is stepping into the breach

Governor Sanjay Malhotra says the central bank has adequate currency stocks and will ensure prompt replenishment wherever ATMs face cash shortages

RBI Governor Sanjay Malhotra on Friday said a proposal to introduce polymer currency notes is under consideration of the central bank, and the idea is currently at a preliminary stage. Malhotra said no decision has been taken in the matter as yet, and the apex bank is examining the feasibility of such a move. "As far as polymer notes are concerned, the proposal is under consideration. As soon as any decision is taken on it, we will inform you," Malhotra said during the post-monetary policy press conference here. The governor said media reports on the issue carry some truth, but clarified that the central bank has not taken any decision and the proposal remains at a preliminary stage. "We are examining the pros and cons of it and whether it would be worthwhile to implement. It is still at a preliminary stage," Malhotra said. The RBI is evaluating the advantages and drawbacks of polymer notes and whether their introduction would be worthwhile, according to the governor. In February

SBI's board will meet on May 12 to consider raising up to $2 billion through public offers or private placements of foreign currency bonds in FY27

Gap between per capita currency in circulation and ATM withdrawals widens sharply, reflecting precautionary cash holding even as digital payments surge to record highs

The rupee stayed on a downward track for the fifth straight day, losing 24 paise to 94.25 against the US dollar in early trade on Friday, weighed by volatile crude oil prices and an elevated US dollar, with prospects of West Asia peace talks turning hazier. Analysts said that despite a ceasefire in place between the United States and Iran, ship movement through the Strait of Hormuz remained uncertain after the US military on Thursday seized another Iranian oil tanker, intensifying the standoff and unsettling the fuel prices worldwide. President Donald Trump has also ordered the US military to "shoot and kill" small Iranian boats that deploy mines to choke traffic through the Strait of Hormuz. Unabated withdrawal of foreign funds from domestic stock markets also added to investors' worries, triggering a massive sell-off in equities and further dragging down the local currency, forex traders said. At the interbank foreign exchange market, the rupee opened at 94.25 and stayed at the s

India must take a proactive stance on any alternative currency initiative, rather than remain on the sidelines

As a percentage of India's GDP, it declined to 12.1% from 14.4% in FY21, say experts

Rupee near record low despite RBI support as NDF-related dollar demand and outflows offset gains from easing oil prices and improved global risk sentiment

The value and volume of banknotes in circulation increased by 6.0 per cent and 5.6 per cent, respectively, during 2024-25

China is stepping up efforts to boost the yuan's global role as President Xi Jinping calls for wider use of the currency in trade, investment and foreign exchange markets

Reserves rise to a fresh peak after 17 months, aided by higher gold prices and revaluation gains, even as the rupee remains under pressure amid FPI outflows

Trade deal with US could reverse the fortune of the Indian currency

The rupee has been buffeted by equity outflows, with a record $19 billion last year and a further $2.9 billion this month amid valuation concerns, steep US tariffs and delays in a trade deal

China is shifting from dollar rivalry to creating a parallel, sanction-proof financial system through RMB trade settlement, digital currencies and deeper integration with global capital markets

The rupee fell up to 91.06 per dollar during the day, near the record low of 91.08 per dollar

India will host the summit, which will be held later this year. If the recommendation is accepted, a proposal to link the digital currencies of Brics members would be put forward for the first time