Page 12 - Currency

In a two-decade first, currency in circulation declines in Diwali week

The currency in circulation (CIC) declined by Rs 7,600 crore in the Diwali week, making it the first such happening in two decades, a report said on Thursday. This was made possible courtesy of a greater reliance on digital payments by people, the report by economists at SBI said, adding that the Indian economy is undergoing a structural transformation at present. They clarified that the Diwali week in 2009 had also witnessed a marginal Rs 950 crore decline in currency in circulation, but that was purely due to the economic slowdown amid the global financial crisis. "The innovations in technology have changed the Indian payment system. Over the years, the Indian cash lead economy now has changed to a smart-phone lead payment economy," they said. The economists also said that a lower currency in circulation also is akin to a cut in the cash reserve ratio for the banking system as it results in lower leakage of deposits and will have a positive impact on monetary transmission as ...

Not in a hurry to launch CBDC; have to proceed carefully: RBI Guv Das

Central bank to consider findings of pilot projects before decision, he says

RBI has been prudent in its exchange rate management: Deepak Parekh

Currency's depreciation not a reflection of the economy, says HDFC Ltd chairman

Rupee marks biggest monthly losing streak since 1985, braces for Fed move

Oil importers' dollar purchases, breach of technical levels drag rupee lower

Foreign exchange reserves fall to $525 billion, lowest since July 2020

So far in 2022, the Indian currency has weakened 9.9 per cent against the US dollar

India's forex reserves touch $524.5 bn, lowest level since July 2020

The primary reason for the decline is foreign currency assets, which recorded a dip of $3.5 billion to $465 billion

Rupee, bonds gain on hopes of Federal Reserve slowing rate hikes

At 3:30 pm IST on Thursday, the US dollar index was at 110.09 as against 112.02 at the same time on Tuesday

India's foreign exchange reserves at lowest level since July 2020

The fall in foreign exchange reserves was primarily on account of a decline in the RBI's foreign currency assets that fell $2.8 billion on-week to $468.87 billion

Rupee reverses from new low to edge higher; RBI likely intervened

The rupee closed at 82.76 per U.S. dollar, against 83.0200 in the previous session

Cash-for-gold lender Muthoot Finance joins trend shunning new dollar debt

Muthoot Finance Ltd. is extending a trend in emerging Asia that's dragged down bond issuance in the US currency to its lowest since 2015

European stocks head higher on UK policy turnaround; yen hits fresh low

European stock indexes opened higher on Tuesday, in a revival of risk appetite which analysts attributed to the turnaround in UK fiscal policy

RBI's currency intervention ends up hurting rupee carry trade: Analysts

The Reserve Bank of India's currency intervention is making the rupee less attractive for carry traders, analysts said.

Flows into NRIs deposits moderate to $1.43 billion in Apr-Aug period

Outstanding NRI deposits declined to $134.68 billion at the end of August 2022 from $141.52 billion a year ago

Rupee depreciates 11 paise to 82.30 against US dollar in closing trade

The rupee depreciated by 11 paise to close at 82.30 (provisional) against the US dollar on Monday as risk-off sentiment among investors and sustained foreign capital outflows weighed on the local unit. However, a rally in the domestic equities and a weak greenback overseas restricted the rupee's fall, traders said. At the interbank foreign exchange market, the local currency opened lower at 82.33 and later fell to a low of 82.42. The unit finally settled at 82.30 against the American currency, registering a decline of 11 paise over its previous close. In the previous session on Friday, the local currency had settled at 82.19 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.47 per cent to 112.78. Global oil benchmark Brent crude futures rose 0.28 per cent to USD 91.89 per barrel. On the domestic equity market front, the 30-share BSE Sensex surged 491.01 points or 0.85 per cent to end at 58,410.9

Rupee in narrow trading range as RBI's intervention reins in speculation

The Indian rupee on Monday held a narrow trading range once again as the Reserve Bank of India's likely intervention last week discourages speculators

Rupee tumbles 5 paise to 82.29 against US dollar in opening trade

The rupee after opening on a positive note, pared the gains and slipped 5 paise to 82.29 against the US dollar amid high volatility in early trade on Friday. At the interbank foreign exchange, the domestic unit opened at 82.26 against the dollar, then touched 82.12, registering a gain of 12 paise over its previous close. In initial trade, the rupee also touched 82.29 against the American currency. On Thursday, the rupee had settled at 82.24 against the greenback. "Dollar strengthened immediately post the CPI print but saw a massive reversal on short covering in majors," IFA Global Research Academy said in a research note, adding the US headline September CPI came in higher than expected at 8.2 per cent year-on-year (0.4 per cent MoM) against 8.1 per cent yoy (0.2 per cent month-on-month). Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 112.27. Brent crude futures, the global oil benchmark, fell 0.13 per c

US dollar surges to new 24-year high versus yen; sterling rallies

The dollar climbed to a fresh 24-year peak versus the yen on Wednesday, holding above levels that prompted intervention by Japanese officials last month

Digital rupee likely to bring down cost of cross-border payments

The introduction of CBDC for cross-border remittances can bring down costs substantially

Markets fall most in 2 weeks on rising yields; Sensex declines 844 points

The Nifty ended the session at 16,983 points, with a fall of 257 points, or 1.5 per cent

Domestic steel prices inching up on rising cost, pick-up in demand

Currency depreciation of over 6% may have supported uptrend; industry players confident that prices have bottomed out