Page 18 - Currency Market
Banks seek clarity on 'grey areas' from RBI on Rupee Vostro accounts
India has stepped up its purchase of cheaper Russian crude despite international opposition and sanctions. New Delhi is looking to settle this trade in rupees to continue with its purchases
 "Banks seek clarity on 'grey areas' from RBI on Rupee Vostro accounts")
Sheikh Hasina likely to seek India's economic support during 4-day visit
Bangladesh's growth story runs into global economic instability, expensive fuel and slowdown in textile orders
 "Sheikh Hasina likely to seek India's economic support during 4-day visit")
Searing inflation in the UK pushes the Pound to a near 37-year low
The currency is trading around $1.18, less than 4 US cents away from its weakest level since 1985 against the dollar, underscoring the challenges facing the British economy
 "Searing inflation in the UK pushes the Pound to a near 37-year low")
At 13.8% gains, India best-performing stock market since June lows
The benchmark Nifty50 Index has gained the most among major global markets, soaring 13.8 per cent since June 17, when it had dropped to its lowest levels in 13 months
 "At 13.8% gains, India best-performing stock market since June lows")
Rupee strength unsustainable; bet on chemicals, OMCs in near-term: Analysts
Whether the recent strength in the currency will sustain or not depends on the monetary policy trajectory of the Reserve Bank of India, foreign flows, and crude oil prices, experts said.
 "Rupee strength unsustainable; bet on chemicals, OMCs in near-term: Analysts")
Rupee strengthened against all major currencies other than dollar: CEA
He added that unlike earlier crises, the depreciation of the rupee against the US dollar was lower than other major global currencies such as the Swiss Franc, the Euro, the British pound and the Yen
 "Rupee strengthened against all major currencies other than dollar: CEA")
Asia's central banks forced to play catch-up in global rush to raise rates
Having bucked a global dash to tighten monetary policy for a year, Asian central banks find themselves scrambling to catch up in order to tackle rising inflation and defend weakening currencies
 "Asia's central banks forced to play catch-up in global rush to raise rates")
Reserve Bank remains net buyer of US currency in May; buys $2 billion
The Reserve Bank of India (RBI) remained net buyer of the US currency in May, after it purchased USD 2.001 billion on net basis from the spot market, the RBI data showed.
 "Reserve Bank remains net buyer of US currency in May; buys $2 billion")
Strength and opportunity: What rupee going 'international' will mean
The rupee is partially convertible. It attained current account convertibility in the early- through mid-1990s. This means the rupee can be converted to any foreign currency at existing market rates
 "Strength and opportunity: What rupee going 'international' will mean")
Asian countries in talks for settling trade in domestic currencies
Countries to accept trading partners' currency; move aimed at reducing dollar dependence
 "Asian countries in talks for settling trade in domestic currencies")
Rupee falls to a fresh low, just 40 paise away from 80 per dollar
The rupee settled at 79.60 per US dollar, as against 79.44 per US dollar at its previous close
 "Rupee falls to a fresh low, just 40 paise away from 80 per dollar")
Rupee breaches 79, sheds 0.9% this week as FII outflows, CAD worries grow
The rupee losses on Friday were, however, limited by dollar sales by exporters, who felt that the domestic unit may not fall much further, given the sharp depreciation seen this week
 "Rupee breaches 79, sheds 0.9% this week as FII outflows, CAD worries grow")
How rupee shrugged off the fragile tag and outperformed despite shocks
The domestic currency has fared better than many of its emerging market peers
 "How rupee shrugged off the fragile tag and outperformed despite shocks")
Managing currency risks
Adjustment in the rupee exchange rate should not be delayed
Cryptocurrencies don't appear to be true financial innovation: India's CEA
They are a case of 'regulatory arbitrage' and could be risky for the country, says Nageswaran
 "Cryptocurrencies don't appear to be true financial innovation: India's CEA")
Currency turmoil risks undermining India's debut sovereign green bond
The currency has slumped more than 45 this year amid concern the RBI is behind the curve in tackling inflation, with elevated crude oil prices adding to pressures on the net
 "Currency turmoil risks undermining India's debut sovereign green bond")
Rupee hits another all-time low of 77.56/$ amid high crude oil prices
Market participants said the Reserve Bank of India (RBI) intervened in the currency market, which slowed the pace of depreciation. An upswing in the domestic equity markets also helped the currency.
 "Rupee hits another all-time low of 77.56/$ amid high crude oil prices")
Chinese yuan down 567 pips to 6.68 against US dollar amid economic slowdown
Amid the COVID-19 induced slowdown, the Chinese economy faces twin challenges of the shrinking job market and an aging population, according to a report
 "Chinese yuan down 567 pips to 6.68 against US dollar amid economic slowdown")
Rupee hits all-time low; foreign exchange reserves below $600 billion
Double-digit BoP deficit seen in FY23, says Standard Chartered
Rupee surges 29 paise to 76.11 against US dollar in early trade
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 102.55.
 "Rupee surges 29 paise to 76.11 against US dollar in early trade")
