Page 2 - Currency

Rupee falls to all-time low of 89.79 against dollar during intraday trade

The rupee depreciated by 34 paise to an all-time low of 89.79 (provisional) against the US dollar in intraday trade on Monday, tracking a negative trend in domestic equities and persistent foreign fund outflows. Forex traders said a strong greenback and a rise in international crude oil prices also weighed down the Indian currency. Moreover, significant dollar demand by importers exerted persistent downward pressure on the local currency. At the interbank foreign exchange market, the rupee opened at 89.45, then lost its ground and fell to a record low of 89.79 (provisional) against the US dollar in intraday trade, registering a fall of 34 paise over its previous close. On Friday, the rupee dropped nine paise to settle at 89.45 against the US dollar. On November 21, the rupee plunged 98 paise to close at its lifetime low of 89.66 against the US dollar. "The rupee has been under pressure as there has been heavy buying by FPIs taking out money, outflows happening as stakes were sold

Let's not fight rupee depreciation: A calibrated slide may be desirable

If movements in the exchange rate can help equilibrate "external balances", monetary and fiscal policy is freed up to focus on trying to achieve "internal balance"

Chinese company bags contract to print Nepal's Rs 1,000 bank notes

A Chinese company has bagged a contract to design and print 430 million pieces of Nepal's Rs 1,000 denomination banknotes, officials said on Saturday. Nepal Rastra Bank (NRB) issued a letter of intent to the China Banknote Printing and Minting Corporation on Friday for the design, printing, supply and delivery of the notes, the bank officials said. The total project cost has been fixed at USD 16.985 million, according to the Currency Management Department of the bank. The Chinese company was selected on the basis of the lowest evaluated bid. The firm has previously printed Nepalese banknotes of Rs 5, Rs 10, Rs 100, and Rs 500 denominations, the officials said.

Rupee may appreciate 1-2% if US tariff outcome is favourable: Goldman Sachs

The upbeat view comes despite the currency on Monday dipping near its lifetime low of 88.80 to the US dollar

Thomas Cook India partners with Blinkit to deliver forex cards in minutes

Through this collaboration, Blinkit will provide doorstep delivery of Thomas Cook's Borderless Travel Card (for leisure travellers) and Study Buddy (for students) in Delhi, Bengaluru, and Mumbai

India, Mauritius to facilitate bilateral trade in local currencies: PM Modi

India on Thursday announced an over USD 655 million special economic package for Mauritius and signed seven pacts to further expand bilateral ties in several critical sectors with Prime Minister Narendra Modi describing the two countries as not just partners but a family. Following talks with his Mauritian counterpart Navinchandra Ramgoolam, Modi said a free, open, stable and prosperous Indian Ocean is a shared priority for both sides and India remains fully committed to strengthening the security of Mauritius's exclusive economic zone. Modi also said that both sides will work towards enabling bilateral trade in local currencies following successful launch of UPI and RuPay cards in Mauritius. Under the special economic package, India will assist Mauritius implement at least 10 projects that include strengthening key infrastructure like port, airport, and roads and to set up new schools and hospitals. "This package is not an assistance. It is an investment in our shared future," Mod

Rupee plunges 36 paise to close at all-time low of 88.47 against US dollar

The rupee slumped 36 paise and closed for the day at an all-time low of 88.47 (provisional) against the US dollar, as ongoing tariff issue between India and the US weighed heavily on the domestic currency's vulnerability. Forex traders said a recovery in the US dollar ahead of the inflation data and foreign fund outflows further dented investors' sentiments. Crude oil prices also gained over the past few sessions, putting further pressure on the rupee. Traders noted that the rupee, which showed signs of minor recovery after US President Donald Trump gave positive signals about the India-US trade treaty, remains fragile due to dollar demand and global factors. At the interbank foreign exchange, the domestic unit opened at 88.11 and fell to an all-time low of 88.47 against the US dollar in intraday trade. The domestic unit settled for the day at a record low of 88.47 (provisional), registering a sharp decline of 36 paise over its previous close. On Wednesday, the rupee recovered ...

'Not worried about rupee becoming a reserve currency': US Secy Bessent

As Trump tariffs hit India's trade, US Treasury Secretary Scott Bessent shot down talk of the rupee gaining 'reserve' status, citing its weakness versus the dollar

Recent volatility in rupee modest against major global currencies: RBI guv

The Governor further said that while crude oil is a key driver of inflation, stopping Russian oil purchases may not significantly impact inflation at this stage

NSE GIFT City exchange plans first equity listing in foreign currency

The NSE IX exchange, situated in the financial hub of Gujarat International Finance Tec-City, or GIFT City, is initially targeting unlisted companies for the debut

Putin calls for expanding use of national currencies among Brics nations

Russian President Vladimir Putin stressed on the advantages of creating an independent settlement and depository system within Brics

Decade-old Brics ambition to push local currency remains a pipe dream

Despite the group's aspirations, progress has been slow - and the tide of global trade is shifting so quickly that it may be impossible to catch up

India's forex reserves dip by $1.01 bn to $697.93 bn in week to June 20

India's forex reserves dropped by USD 1.01 billion to USD 697.93 billion for the week ended June 20, the Reserve Bank of India said on Friday. In the previous reporting week, the reserves had jumped by USD 2.29 billion to USD 698.95 billion. Forex reserves had touched an all-time high of USD 704.885 billion in September 2024. For the week ended June 20, foreign currency assets, a major component of the reserves, dropped by USD 357 million to USD 589.06 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. The gold reserves were down by USD 573 million to USD 85.74 billion during the week, the RBI said. The Special Drawing Rights (SDRs) declined by USD 85 million to USD 18.672 billion, the apex bank said. India's reserve position with the IMF also declined by USD 1 million to USD 4.45 billion in the ...

Central banks in Asia scale back currency intervention as dollar weakens

The greenback has plummeted against major currencies this year, suffering drops of around 10% against the euro and the Swiss franc

China talks up digital yuan in push for multi-polar currency system

China will establish an international operation centre for e-CNY in Shanghai, People's Bank of China Governor Pan Gongsheng said

Bangladesh drops Sheikh Mujib from currency, adds temples, landmarks

Bangladesh unveils new currency notes without Sheikh Mujibur Rahman's image, featuring Hindu and Buddhist temples, landmarks, and artwork instead, amid major political and leadership changes

Rupee rises after 4-day drop; capped at 85.39/$ on strong oil prices

Indian Rupee today: The domestic currency ended 19 paise higher at 85.39 against the greenback, after closing at 85.58 on Friday

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