Page 4 - Currency

BS Poll: Rupee may depreciate to 84.5 against US dollar by end of December

RBI is expected to be active in the currency market, which will cap the losses

Rupee near all-time low: 3 big reasons why rupee is falling?

Lately, the Indian rupee has been facing tough times. As of now, the Indian rupee is trading at around 84.07 to the US dollar. This is very close to its lowest point ever, which was 84.075.

Feasibility of expanding RTGS to settle transactions can be explored: Das

Divergence in global monetary policies can be expected to lead to volatility in capital flows and exchange rates, which may disrupt financial stability, says Das

NBFCs turning to alternative funding sources amid slower bank loans

This shift has been spurred by changes in banking regulations, making it more difficult for NBFCs, especially those with lower credit ratings, to secure bank funding

Dollar drifts, risk-sensitive currencies lifted by China optimism

Data on Thursday suggested the US labour market remained fairly healthy

India, Myanmar discuss ways for bilateral trade through local currencies

India and Myanmar on Saturday discussed ways to promote bilateral trade through their local currencies rupee and kyat. The issue was discussed during the meeting between Commerce and Industry Minister Piyush Goyal and Kan Zaw, Myanmar's Minister of Investment and Foreign Economic Relations, on the sidelines of the 12th East Asia Summit Economic Ministers' Meeting at Vientiane, Laos. "Discussed potential cooperation in areas like lentils, diesel, gasoline, electric vehicles, etc and ways to promote bilateral trade including through Rupee-Kyat currency mechanism, between our nations," Goyal said in a post on social media platform X. India-Maynmar bilateral trade stood at USD 1.75 billion in 2023-24. India is looking at promoting trade in local currencies with various other countries including UAE, African nations and Russia. Local currency trading would reduce transaction costs by eliminating the need to convert currencies twice. In July 2022, the Reserve Bank of India introduced a

Central banks' digital currency momentum growing, shows new study

China too, which is running the world's largest pilot scheme, has seen use of its protype e-CNY nearly quadruple to 7 trillion yuan ($987 billion) of transactions according to officials

Stable currency fosters internationalisation, says Zarin Daruwala

The rupee was the third most stable Asian currency against the US dollar in the financial year 2023-2024 after the Hong Kong dollar and Singapore dollar, primarily due to timely intervention by RBI

Pak to experiment by redesigning currency notes made of polymer plastic

Pakistan's central bank will experiment with a new polymer plastic currency banknote later this year while redesigning all the existing banknotes for enhanced security and hologram features. State Bank of Pakistan Governor Jameel Ahmed told a Senate committee on banking and finance in Islamabad that all the existing paper currency notes are being redesigned with new security features by December this year. Ahmed said the newly redesigned banknotes in the denominations of Rs 10, 50, 100, 500, 1000 and 5000 would be issued in December. The old notes would remain in circulation for five years being eased out of the market by the central bank, a source close to the committee said. The State Bank governor also informed the Senate committee members that a new polymer plastic bank note would be issued in one denomination for the public and if it is received well, plastic currency would follow in other denominations. Presently around 40 countries use polymer plastic banknotes which are ha

New coins featuring King Charles III with British bees go into circulation

The first one pound coins featuring King Charles III with a design incorporating British bees have gone into circulation in the UK from Tuesday, with a total of 2.975 million coins making their way into tills via Post Offices and banks around the country. According to the Royal Mint, the tribute to British bees is one of eight new designs that will appear on the country's coins in one pence to two pound denominations. They feature animals such as the Hazel Dormouse, Puffin and the Atlantic Salmon as all species which are in active conservation programmes, reflecting the 75-year-old monarch's environmental concerns. The Royal Mint has made the circulating coinage of each of Britain's monarchs since Alfred the Great and it is an honour to reveal that King Charles III's one-pound coin is now in circulation, said Rebecca Morgan, Director of Commemorative Coin at the Royal Mint. We know there'll be a buzz of excitement amongst collectors and the public to get this special piece of histo

Rupee worst performer among Asian peers over August despite mild rise

Rupee is the worst performing currency in Asia so far this month, down 0.2 per cent against the dollar, while its peers have risen as high as 4 per cent

Rupee expected to decline further as policy shift comes into focus

The currency tested successive lows in recent days amid outflows from local stocks following a hike in equity taxes

Foreign currency account usage widens at GIFT City, boosts biz prospects

Latest changes, announced by RBI in a circular late allow Indian investors to use GIFT City as a route for more overseas spending and investments

Rupee falls 9 paise to 83.43 against US dollar during early trade

The rupee depreciated 9 paise to 83.43 against the US dollar in early trade on Monday amid rising crude oil prices and outflow of foreign capital. The domestic unit, however, found support due to a softening American currency and positive equity market sentiment, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.39 and lost further ground to trade at 83.43 against the greenback in initial deals, registering a fall of 9 paise from its previous closing level. On Friday, the rupee settled 11 paise higher at 83.34 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.30, lower by 0.23 per cent. "The US dollar eased slightly on Friday after data showed inflation subsided, reinforcing expectations of Federal Reserve rate cuts this year," said Anand James, Chief Market Strategist, Geojit Financial Services. Brent crude futures, the global oil benchmark, adva

Japanese authorities will take necessary actions on yen decline: Minister

"It's desirable for exchange rates to move stably. Rapid, one-sided moves are undesirable. In particular, we're deeply concerned about the effect on the economy," Suzuki told reporters

CBIC to launch automated currency exchange rate publishing system on July 4

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday said it will launch on July 4 the automated system of publishing currency exchange rates. The online Exchange Rate Automation Module (ERAM) system will replace the existing manual process of notifying exchange rates through a notification. "ERAM is a significant step towards trade facilitation as the exchange rates of 22 currencies would now be published online in advance for ease of consumption by all importers and exporters," the CBIC said in a statement. These exchange rates would be made available on the ICEGATE website twice a month i.e. on the evening of the 1st and 3rd Thursdays of the month and would be effective from midnight of the following day. A link shall be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates can be viewed. The published exchange rates will be stored in the system and will remain accessible on ICEGATE for future reference, so as to ..

Rupee recovers 3 paise to 83.58 against US dollar during early trade

The rupee recovered from previous day's steep fall and traded 3 paise higher at 83.58 against the US dollar in early trade on Friday on the back of sustained inflow of foreign capital and strong domestic equity market sentiment. Forex traders said the local unit found support from retreating American currency and easing crude oil prices overseas. At the interbank foreign exchange, the local unit opened at 83.60 and gained further to 83.58 against the greenback, registering a rise of 3 paise from its previous close. On Thursday, the rupee had plunged 17 paise to hit its over two-month low level of 83.61 against the dollar. The domestic currency recorded its previous lowest closing level of 83.61 on April 16 this year. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's sharp decline was "partly triggered by significant block deals worth Rs 23,000 crore" a day earlier when Vodafone Idea also sold its 18 per cent stake in Indus Towers for Rs 15,300 crore.

Brics calls for enhanced use of local currencies in trade between members

At the meeting, the ministers recognised the need for a comprehensive reform of the global financial architecture

Statsguru: RBI's earnings from foreign currency assets rise significantly

Foreign currency asset earnings, which were more than twice the earnings from domestic sources, were the primary reason behind the boost in overall income in 2023-24

Check mid-market exchange rate in global currency when sending money abroad

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