Currency Market

RBI intervention keeps rupee from hitting 84 against the US dollar

The rupee was weighed by outflows from the domestic equities, rise in crude oil prices, and the surge in dollar index, said dealers

RBI plans to revamp currency management infra to cater to future cash needs

The Reserve Bank plans to comprehensively revamp its currency management infrastructure over the next 4-5 years, mainly to ensure adequate storage and handling capacity to cater to the future cash needs of the growing economy. The creation of greenfield currency management centres, the introduction of warehouse automation, the installation of security and surveillance systems, an inventory management system, and a centralised command centre are being mooted to modernise the existing infrastructure, according to an RBI document. The expected timeline for the whole project is 4-5 years, according to the expression of interest (EoI) issued by the Reserve Bank of India (RBI) for procurement of consultancy and project management services for the modernisation of currency management infrastructure. "Despite moderation in the growth rate of NIC (Notes In Circulation) in the last three years, analysis indicates that the growth will continue to be positive over the foreseeable future though

Rupee second-worst performing Asian currency against US dollar in Aug

Indian currency has depreciated by 0.6 per cent in this financial year

Rupee second-worst performing Asian currency against greenback in Aug

In the current financial year, the rupee has depreciated by 0.6 per cent so far

Rupee appreciates 10 paise to 83.80 against US dollar in early trade

Rupee appreciated 10 paise to 83.80 against the US dollar in morning trade on Monday, supported by the weakening of the American currency in the overseas market and foreign fund inflows. Forex traders said the dollar index lost significant ground and is hovering around the 100.60 level following US Fed Chair Jerome Powell's recent speech at the Jackson Hole meeting, where he said that time has come for loosening of policy, indicating possible US rate cuts in September. At the interbank foreign exchange market, the local unit opened at 83.83 and then gained ground and touched 83.80, registering a rise of 10 paise from its previous close. On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency. Rupee opened on a positive note and was hovering around 83.80 this morning as the US dollar has lost against most currencies, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. "It is expec

Rupee weakens to new intra-day low as investors exited from carry trades

Market participants said that the RBI asked some banks to refrain from speculative trading against the rupee

Rupee hits a fresh low of 83.74/$ due to month-end dollar demand

In July so far, the rupee has depreciated by 0.4 per cent, against 0.1 per cent in June

Govt to handle $5.1 bn bond payments for MTNL amid liquidity crisis

The company is no longer solvent, said the person, who requested anonymity

CBIC to launch automated currency exchange rate publishing system on July 4

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday said it will launch on July 4 the automated system of publishing currency exchange rates. The online Exchange Rate Automation Module (ERAM) system will replace the existing manual process of notifying exchange rates through a notification. "ERAM is a significant step towards trade facilitation as the exchange rates of 22 currencies would now be published online in advance for ease of consumption by all importers and exporters," the CBIC said in a statement. These exchange rates would be made available on the ICEGATE website twice a month i.e. on the evening of the 1st and 3rd Thursdays of the month and would be effective from midnight of the following day. A link shall be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates can be viewed. The published exchange rates will be stored in the system and will remain accessible on ICEGATE for future reference, so as to ..

Indian rupee snaps three-day winning streak tracking weak Asian peers

The rupee settled at Rs 83.57 per dollar on Wednesday, against Rs 83.43 per dollar on Tuesday

Going downhill: Rupee hits new low on importer demand, corporate outflows

Some market participants said that the RBI intervened in the foreign exchange market by dollar sales during the last hour of trade, which reversed some losses

RBI action, foreign banks' dollar sales help rupee recover, ends higher

The rupee closed at 83.37 against the US dollar, up nearly 0.2% compared with its close of 83.53 in the previous session

Rs 500 note now 86.5% of currency in circulation by value: RBI report

The increase in the share of the Rs 500 note coincides with the declining share of the Rs 2000 note, which was only 0.2 per cent at the end of FY23

Rs 2000 counterfeit notes more than double, says RBI annual report

Overall, the number of counterfeit notes detected in FY24 was lower than the previous year. There is a declining trend of counterfeit notes detected every year

India, Nigeria agree to early conclusion of local currency settlement

India and Nigeria have agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties between the two countries. According to the department of commerce, a seven-member delegation from India led by Additional Secretary in the commerce ministry Amardeep Singh Bhatia visited Abuja, Nigeria for the second session of India-Nigeria Joint Trade Committee (JTC) on April 29-30. It was held after a gap of five years. Both sides have identified several focus areas to enhance bilateral trade and mutually beneficial investments. The sectors include crude oil, natural gas, pharmaceuticals, unified payments interface (UPI), local currency settlement system, power and renewable energy, agriculture and food processing, education, transport, railway, aviation, and MSMEs development. "Both sides agreed to the early conclusion of a local currency settlement system agreement to further strengthen bilateral economic ties," the department has said on ..

Share of co-location declines in NSE's trading segments in March

Decline in the BSE cash segment, and across cash and derivatives on NSE reflect market dynamics

The path ahead for the rupee

The hottest conversation topic on every bank's treasury floor is internationalisation of the rupee

Maldives in discussion with India to pay in local currency for imports: Min

The Maldives is currently discussing with India if the island nation can make payments for its imports from the country in Maldivian Rufiyaa, a senior minister has said. A similar arrangement is also being worked out for imports of goods from China, Minister for Economic Development Mohamed Saeed said and noted that annually, Maldives imports goods worth USD 780 million and USD 720 million from India and China respectively. According to the news portal Edition.mv, Saeed was speaking at an event held on the island of Maavah during President Mohamed Muizzu's visit to Laamu Atoll ahead of parliamentary elections on April 21. He stated that if the ruling party were able to secure a majority in Parliament, they would be able to bring the dollar rate back down to official market values within approximately two years. Saeed said his party was now getting all signals that there was a possibility to make non-dollar payments for all of these massive import arrangements. International trade

Cenbank under Taliban control 'prohibits' online currency exchange

The prohibition of online currency exchanges has been put in place under the Taliban's supervisory and security administration, according to Khaama Press

RBI to limit sharp swings in rupee after slip to record low, say traders

Persistent intervention by the RBI in the foreign exchange market over the past several months had dampened exchange rate volatility