Page 2 - Currency

Currency circulation rises 5.8% as ₹2,000 note impact fades: RBI

RBI's annual report shows recovery in currency circulation post ₹2,000 note withdrawal, surge in e-rupee usage, and strong digital payment adoption in FY25

Currency printing expenditure rises 25% to ₹6,372.8 cr in FY25: RBI

The expenditure incurred on security printing during 2024-25 increased by nearly 25 per cent to Rs 6,372.8 crore as against Rs 5,101.4 crore in the previous year mainly due to increase in indent for printing of banknotes, according to the RBI's annual report released on Thursday. The value and volume of banknotes in circulation increased by 6 per cent and 5.6 per cent, respectively, during 2024-25. "During 2024-25, the share of Rs 500 banknotes at 86 per cent, declined marginally in value terms," said the RBI's Annual Report for 2024-25. In volume terms, Rs 500 denomination at 40.9 per cent, constituted the highest share of the total banknotes in circulation, followed by Rs 10 denomination banknotes at 16.4 per cent. The lower denomination banknotes (Rs 10, Rs 20 and Rs 50) together constituted 31.7 per cent of total banknotes in circulation by volume. The withdrawal of Rs 2000 banknotes from circulation, initiated in May 2023, continued during the year and 98.2 per cent of Rs 3.5

Currency paradox: Rupee's gain aids macro outlook; risks India Inc earnings

The currency has depreciated by over 3 per cent since March and currently trades at 84.8 against the greenback

Rupee weakens 18 paise as foreign banks buy dollars, Asian currencies slip

The rupee fell to 84.44 against the dollar as foreign banks stocked up on greenbacks and Asian currencies weakened, with losses capped by a dip in the dollar index

India's forex reserves climb for sixth straight week, now at $677.83 bn

India's forex reserves increased by USD 1.567 billion to USD 677.835 billion for the week ended April 11, the Reserve Bank said on Friday. This is the sixth consecutive week of a rise in the kitty. The overall reserves jumped by USD 10.872 billion to USD 676.268 billion in the previous reporting week ended April 4. The forex reserves touched an all-time high of USD 704.885 billion in September 2024. For the week ended April 11, foreign currency assets, a major component of the reserves, rose by USD 892 million to USD 574.98 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves surged by USD 638 million to USD 79.997 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down USD 6 million at USD 18.356 billion, the apex bank said. India's reserve position with the

Rupee gains for third consecutive session as dollar continues to weaken

The Reserve Bank of India (RBI) intervened in the foreign exchange market via dollar buys, which capped the rupee's gain against the greenback, said dealers

Policy adjustment: RBI rate cut prudent move in face of global uncertainty

Although uncertainties in the global economy have increased significantly because of a sharp increase in tariffs by the United States, the decision for MPC this week was fairly straightforward

'The Mysterious Mr Nakamoto': The tangled story of cryptocurrency's rise

Even in 1999, the notion of a digital currency that bypassed nation-states and financial institutions was not a novel one

Rupee logs best monthly rise in 6 years on strong foreign inflows

Weakens 2.12 per cent in FY25 vs 1.47 per cent in previous financial year

Currency drivers: Rupee gains in March, outlook tied to US policy

The US policy outlook, particularly on the trade front, remains uncertain, with implications for global currency markets

Rupee rises 12 paise to 86.25 against US dollar in early trade today

The rupee appreciated 12 paise to 86.25 against the US dollar in early trade on Thursday, tracking positive domestic equities and the weakness of the American currency in the overseas market. Forex traders said the Indian rupee has staged a counterattack against external pressures, gaining support from strong foreign inflows into debt markets. However, risks remain due to unabated foreign institutional investor sell-off and uncertainty surrounding Trump's tariff stance could pose challenges to the rupee's upward momentum. At the interbank foreign exchange, the rupee opened at 86.39 against the greenback, then gained some ground and touched 86.25, up 12 paise from its previous close. On Wednesday, the rupee appreciated 19 paise to close at 86.37 against the US dollar. "The USD-INR pair is expected to trade between 86.00 and 86.80 in the near term. With FII outflows and liquidity deficit conditions persisting, a slight rebound towards the 86.50-86.60 range is likely," CR Forex Advis

EIL, MECON, and 4 others in fray for RBI's currency management project

State-owned Engineers India and MECON as well as four private entities are in the fray for the project to comprehensively revamp RBI's currency management infrastructure in order to cater to future cash needs of the country's fast growing economy. The four private entities are: Accenture Solutions; Colliers International (India) Property Services; PricewaterhouseCoopers and The Boston Consulting Group (India). The RBI had earlier invited expression of interest (EoI) for 'Procurement of Consultancy and Project Management Services for Modernisation of Currency Management Infrastructure in India'. The central bank had received responses from 11 entities. After evaluating the responses, RBI said it has shortlisted six entities for issuance of Request for Proposal (RFP), according to an official document. According to the EoI document, the RBI proposes creation of greenfield currency management centres, the introduction of warehouse automation, the installation of security and surveilla

India, Mauritius agree to facilitate trade settlements in local currencies

Navinchandra Ramgoolam and PM Modi held comprehensive and productive discussions on the entire gamut of bilateral relations

Rupee trades almost flat with 1 paisa lower at 87.22 against US dollar

The rupee turned almost flat and traded with a marginal loss of 1 paisa at 87.22 against the US dollar in early trade on Wednesday amid volatile sentiment due to uncertainties over trade tariff. According to forex analysts, a strengthening American currency index and a recovery in crude oil prices also added pressure on the local unit, which was already weighed down due to selling in domestic equity and the continuous outflow of foreign capital. They said, market participants were also trading cautiously awaiting cues from macroeconomic data to be released in India and the US later in the day. At the interbank foreign exchange, the rupee opened at 87.24, tumbled to 87.32 and then gained to 87.22 against the greenback in early deals, trading 1 paisa lower from its previous closing level. The rupee ended 10 paise higher at 87.21 against the dollar on Tuesday, a day after losing 36 paise. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six ...

Rupee sees worst fall in 2 weeks to close at 87.34 against US dollar

The Indian unit was the worst-performing Asian currency on Monday. The rupee has depreciated by 4.5 per cent in the current financial year (2024-25)

Emerging Asian currencies dip with stocks as investors avoid risk

Risk aversion picked up across financial markets on Monday, with investors buying gold, the yen and the Swiss franc due to concerns the period of US economic strength may be ending

Investors stay bearish on Asian currencies as trade war intensifies: Poll

Bearish positions on the Malaysian ringgit, the South Korean won, Taiwan dollar and the Indonesian rupiah firmed slightly from a fortnight ago

Rupee records steepest single-day fall in 3 weeks against US dollar

The rupee depreciated by around 50 paisa, or 0.58 per cent, to settle at 87.21 against the dollar, compared to the previous close of 86.71 per dollar

Rupee performed well due to strong forex reserves, says Piyush Goyal

Union Commerce Minister Piyush Goyal on Thursday said the Indian rupee has performed well compared to other global currencies due to the country's strong foreign currency reserves. He also said that a skill development centre and a startup incubation centre will come up at AURIC (the industrial node of Shendra and Bidkin) in the near term. Goyal held a meeting with representatives of the industrial association at the AURIC hall on Wednesday to discuss issues related to industrial zones. He addressed the press on Thursday regarding the issues raised in the meeting. While talking about the downfall of the Indian rupee, he said, "The Indian rupee has strengthened in comparison to the emerging economies of the country. After US elections almost all the currencies across the globe have come down. But India had good reserves of foreign exchange so the Indian rupee performed better than that of other currencies". Goyal said, "We had a conversation with the industrial representatives on

Weighted moves: RBI's shock therapy restores stability to the forex market

The Indian currency's rapid fall from 85 to 86 in just 16 days, and from 86 to 87 in another 15 days, highlights the volatility in the foreign-exchange market during those months