Currency

Rupee crosses 96 mark vs US dollar after Fed's first rate hike since 2023

The Fed raised interest rates by 25 basis points on ​Wednesday, its first increase since 2023, with officials expecting one more increase ​this year.

Iran Prez Pezeshkian slams West over sanctions' impact on global welfare

BRICS must expand trade in national currencies and work towards an inclusive global economic framework as excessive dependence on existing financial and trade systems has made emerging economies vulnerable to political shocks, Iranian President Masoud Pezeshkian said on Sunday. In an address at the concluding session of the two-day BRICS summit, Pezeshkian, taking a swipe at Western powers, was also critical of "unilateral sanctions", saying they are directly impacting global food security and people's welfare. The Iranian leader's remarks came weeks after the US imposed new economic sanctions on Iran, tightening the squeeze on Tehran's finances amid ongoing military hostilities between the two sides. The Iranian president said BRICS had evolved beyond being merely a framework for cooperation among emerging economies and had become a manifestation of growing demand for a more balanced and inclusive world in which "no centre of power has the right to determine the destiny of ...

Iran for expanding use of national currencies, diversification in trade

Iranian President Masoud Pezeshkian on Friday called for a stronger shift toward local currencies in BRICS trade, while pitching Iran's geography, energy resources and transport links as a strategic bridge for the bloc's economic connectivity. Speaking at the BRICS Business Forum, Pezeshkian said BRICS must move beyond its economic potential and build a more integrated network of trade, investment and joint financing. He argued that greater use of national currencies, backed by mechanisms to manage currency risks and reciprocal settlements, would make intra-BRICS trade less vulnerable to political shocks. Pezeshkian also positioned Iran as a potential link in BRICS energy, food and transport supply chains, citing its geographical location and energy reserves. He called for deeper integration of trade infrastructure, including digitalised customs procedures, reduced regulatory barriers and stronger cross-border markets. The Iranian president urged the New Development Bank to become

Oil tops $100, rupee breaches 95/$ as stocks reel on US-Iran tensions

The rupee touched a low of 95.23 against the dollar before settling at 95.11 as Brent crude topped $100 a barrel; dealers cited RBI intervention in spot and swap markets

RBL Bank board approves $1 billion EMTN programme to raise overseas debt

The private lender may issue foreign-currency bonds, notes or other permitted debt securities through one or more transactions, depending on market conditions

Donald Trump's face appears on new $1 coin to mark US' 250th anniversary

A new US $1 commemorative coin featuring Donald Trump has gone on sale for America's 250th anniversary, with initial supplies selling out rapidly

Round number skirmishes

A familiar script plays out regularly with the government fighting rupee depreciation

Centre eases rules for exporters to receive overseas payments in rupees

DGFT amendment puts eligible rupee export receipts on a par with foreign-currency earnings for FTP benefits and export obligations, removing a key regulatory uncertainty

India not in favour of separate BRICS currency: Commerce Min Goyal

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

ICICI Bank raises $1 billion through 5-year USD bonds at T+100 bps

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

India, UAE central banks meet to discuss foreign-currency deposit issues

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

China's push for renminbi global role reflects world seeking dollar hedges

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

Have enough currency stocks to replenish ATMs: RBI Governor Sanjay Malhotra

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

Plastic currency notes' proposal being reviewed, no decision yet: RBI Guv

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 plans up to $2 billion overseas bond raise; board meet on May 12

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 ATM withdrawals and cash in circulation widens, says SBI

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

Rupee declines 24 paise to 94.25 against US dollar in early trade

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

The West Asia conflict and prospects for a multipolar monetary order

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

Currency in circulation surged 11.9% in FY26, most in five years

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

Rupee closes near record low, RBI intervention blunts outflow pressure

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