Currency Swap

Rupee falls 13 paise to 95.56 against US dollar on oil price rise, Fed bets

The rupee fell 13 paise to trade at 95.56 per US dollar on Monday morning pressured by rising crude oil prices and geopolitical strain. Forex traders said market participants have raised the probability of a September Fed rate hike, pushing US Treasury yields higher and triggering a broad dollar rally, denting investor sentiments further. At the interbank foreign exchange market the rupee opened at 95.56, registering a fall of 13 paise from its previous close. On Friday, the rupee rose marginally by 2 paise to settle at 95.43 against the US dollar. The rupee opened lower as the dollar index was at 99.62 level, while most other assets fell from their levels on Friday, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. The rupee is expected to be in the range of 95.25 to 95.75 with exporters to sell near 95.60 levels and importers to buy all dips that they get with no directional movement being seen in the currencies, Bhansali ...

SBI eyes $10 bn from NRIs, foreign investors as RBI swap window nears end

As RBI's concessional swap window draws to a close this month end, State Bank of India (SBI) Chairman C S Setty has expressed confidence that the bank would garner about USD 10 billion from non-resident Indians and foreign investors. "In aggregate, we must be reaching the USD 10 billion mark, predominantly coming from the deposit side. But there is visibility of ECBs. ECB, of course, will have a longer period available to us, but by August 31, we should have mobilised around USD 9-10 billion on a consolidated basis," he told PTI in an interview. Earlier this month, the Reserve Bank of India advanced the closure of the Foreign Currency Non-Resident Bank (FCNR-B) deposits swap window by a month to August 31 as against the earlier cut-off date of September 30. However, the special US Dollar-Rupee forex swap window to give cheap currency hedging support to public sector undertakings (PSUs) raising External Commercial Borrowings (ECBs) is available till December 31, 2026. Talking about

RBI's special forex swap window outpaces 2013 inflows in only weeks

FCNR(B) deposits contributed $36.7 billion as banks raised nearly $41 billion under the RBI's concessional swap facility in less than two months, exceeding the 2013 mobilisation

Forex agents' industry body seeks Fema clarity on forex correspondent model

Money changers say ambiguity over the principal-agent framework, liability and compliance could delay the rollout of the new forex correspondent category

India approves ₹3,000 crore withdrawal to Maldives under Saarc swap

The earlier $400 million withdrawal, availed by Maldives under this framework in October 2024, matured on Thursday, the Indian High Commission said

RBI taps over $2 bn FX swaps to ease liquidity amid rupee pressure: Bankers

Spot intervention ​drains rupee liquidity, an effect the RBI can counter through dollar/rupee buy-sell FX swaps, in which the first leg is settled at the spot date and the second at a future date

Rupee ends flat, caught between softer dollar and corporate hedging

The rupee closed at 90.1525 per dollar, little changed from 90.1625 in the previous session

Rupee's relentless slide fuelling talk of RBI intervention, say bankers

Dominance of flows has dulled the rupee's sensitivity to daily swings in its Asian peers, allowing the downside momentum to build and raising expectations of depreciation and speculative activity

Rupee slides 9 p to record low of 90.87 against US dollar in early trade

The rupee plunged 9 paise to a record low of 90.87 against the US dollar in early trade on Tuesday, weighed down by sustained FII outflows and no breakthrough in the India-US trade deal. However, a weaker greenback and a decline in global crude oil prices capped further losses in the domestic unit, according to forex traders. At the interbank foreign exchange, the rupee opened at its all-time low of 90.87 against the US dollar, down 9 paise from its previous close, and traded in a narrow range of 90.77- 90.87 in early trade. The rupee on Monday settled at a new all-time low of 90.78 against the US dollar, registering a loss of 29 paise over its previous close, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows. "The US-India trade deal still seems to be off by a distance with the Commerce Secretary saying the first phase will be signed before the end of the year and news that we are closest to the deal being signed. The uncertainty has clou

US injects $20 bn to stabilise Argentina's economy, Treasury buys pesos

President Donald Trump and Bessent are making a bet on a nation that's defaulted and devalued repeatedly over the past several decades

Rupee skids close to record low as Trump threatens more tariffs

Indian Rupee today: The domestic currency opened 16 paise lower at 87.82 against the dollar on Tuesday, according to Bloomberg

Rupee slips as Trump sticks to tariff deadline; opens lower at 85.59/$

Indian Rupee today: The domestic currency opened 6 paise lower at 85.59 against the dollar, according to Bloomberg

Indian Rupee opens 8 paise higher at 85.44/$ as oil, dollar retreat

The domestic currency opened 8 paise higher at 85.44 after ending at 85.52 against the greenback on Friday

India and Japan renew $75 billion bilateral currency swap agreement

India and Japan have renewed the USD 75 billion bilateral currencies swap agreement, the Reserve Bank said in a statement on Friday. The Bilateral Swap Arrangement (BSA) is a two-way arrangement where both authorities can swap their local currencies in exchange for the US dollar. The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Reserve Bank of India signed the Second Amendment and Restatement Agreement of the BSA, the central bank said. The renewed BSA is effective Friday (February 28, 2025). The size of the BSA remains unchanged -- up to 75 billion US dollars, the RBI said. It further said that Japan and India believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability.

India, Maldives ink pact for cross-border transactions in local currencies

The MoU was signed by Shaktikanta Das, governor, RBI, and Ahmed Munawar, governor, Maldives Monetary Authority

RBI, Maldives monetary authority sign $400 million currency swap agreement

This arrangement will remain in effect until June 18, 2027

RBI revises framework for currency swap arrangements with Saarc countries

Under the framework, the RBI will enter into bilateral swap agreements with SAARC central banks that wish to utilise the swap facility

Allow foreign currency transactions in India via RBI: ICT Chairman Kapila

Consultants and service providers have urged the government to enable direct foreign currency transactions within the country through RBI, bypassing the current practice of routing transactions via the US banking system. Intercontinental Consultants and Technocrats (ICT) Chairman K K Kapila said currently, even domestic transactions in the US dollar between entities within India necessitate routing through the US banking system, incurring transaction fees. "This practice results in substantial funds leaving our economy in the form of fees paid to American banks," Kapila added, who also heads Indian Road Federation (IRF). He emphasised that it is illogical that internal foreign currency transactions within India require routing through the US, resulting in unnecessary costs to our businesses and economy. According to Kapila, consultants and service providers emphasised the need for a streamlined approach where transactions involving foreign currencies like US dollars are facilitated

Dollar swap option returns to India after RBI rule change for lenders

The central bank, effective Friday, expanded the range of products banks can offer to eligible corporates, which included swaptions, or an option to enter into an interest rate swap

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