Page 6 - Currency

Zimbabwe launches new currency ZiG in attempt to resolve money crisis

Out with the Zimbabwe dollar, in with the ZiG. Zimbabwe on Tuesday started circulating a new currency to replace one that has been battered by depreciation and often outright rejection by the people. The ZiG was introduced electronically in early April, but people are now able to use banknotes and coins. It's the southern African country's latest attempt to halt a long-running currency crisis underlining its persistent economic troubles. The government had previously floated various ideas to replace the Zimbabwe dollar, including introducing gold coins to stem inflation and even trying out a digital currency. Since it was launched electronically on April 5, the ZiG short for Zimbabwe Gold and backed by the country's gold reserves appears to be heading down the same path of mistrust, with some government departments refusing to accept it. The ZiG is the sixth currency Zimbabwe has used since the spectacular 2009 collapse of the Zimbabwe dollar amid hyperinflation of 5 billion ...

Rupee, reserves: Calibrated approach taken by RBI in managing exchange rate

The RBI stepped up its intervention in the foreign exchange market in 2022, resulting in a sharp fall in foreign exchange reserves

RBI defers implementing rules on exchange-traded forex derivatives to May 3

RBI said the regulatory framework for participation in ETCDs involving the Indian rupee (INR) is guided by the provisions of the Foreign Exchange Management Act (FEMA), 1999

Dollar is more than a currency

Despite predictions of a tough year, the greenback is overpowering challengers. There's more to this supremacy than mere interest rates

Rupee most stable Asian currency in FY24 after Singapore, Hong Kong

Record inflows keep bond, currency market steady

Facility to exchange, deposit Rs 2,000 notes not available on Apr 1: RBI

The facility to exchange or deposit Rs 2,000 banknotes will not be available on Monday, April 1, 2024 due to operations associated with the annual closing of accounts, the Reserve Bank of India (RBI) said on Friday. The facility will resume on Tuesday (April 2, 2024) at the 19 issue offices of the RBI, it added. "The facility of exchange/deposit of Rs 2,000 banknotes will not be available on Monday, April 1, 2024 at the 19 issue offices of the Reserve Bank of India due to operations associated with the annual closing of accounts," it said. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. Nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system at the close of business on February 29, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank

RBI to limit sharp swings in rupee after slip to record low, say traders

Persistent intervention by the RBI in the foreign exchange market over the past several months had dampened exchange rate volatility

Rupee ends higher on dollar inflows, likely RBI intervention caps rise

"The rupee has broken a key support level of 82.80 given robust inflows, solid fundamentals and a weakening dollar," said Amit Pabari, managing director at forex advisory firm CR Forex

Rupee appreciates 9 paise to 82.74 against US dollar in early trade

The rupee stayed firm and rose 9 paise to 82.74 against the US dollar in early trade on Thursday on the back of a weak American currency overseas and sustained inflow of foreign funds in the domestic capital markets. The local currency also found support from positive equity markets, however, volatile crude oil prices capped its rally, forex traders said. At the interbank foreign exchange, the domestic currency opened at 82.82 and gained further to trade at 82.74 against the greenback, climbing 9 paise from its previous close. On Wednesday, the rupee settled 7 paise higher at 82.83 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined by 0.07 per cent to 103.24. The low level of dollar index was attributed to the US payroll data released on Wednesday, which showed lower-than-expected job growth in February. Also, the indication of dovish monetary policy moves by Federal Reserve chairman Jerome Powell

Nearly 97.62% of Rs 2,000 currency returned to the banking system: RBI

The Reserve Bank of India (RBI) on Friday said nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,470 crore at the close of business on February 29, 2024," the RBI said in a statement. Thus, 97.62 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned, it added. "The Rs 2,000 banknotes continue to be legal tender," the RBI added. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through India Post from any post office to any of the RBI

India decides to study the proposal for Brics currency, minus China

For India, a currency common with China is a big anathema, primarily because of the adversarial position Beijing has pursued politically and economically with India, which has only hardened

FM Sitharaman launches 3 souvenir coins based on Ram temple theme

Finance Minister Nirmala Sitharaman on Thursday released three souvenir coins, including the one based on the theme of Ram Lalla and Ram Janmabhoomi Temple, Ayodhya. At the 19th foundation ceremony of state-owned Security Printing & Minting Corporation of India (SPMCIL), Sitharaman also released bi-metallic clad souvenir coin on Enlightenment of Lord Buddha (Limited Edition - Buddha & Stupa images are oxidised with Matte finish) and another on Greater one-horned Rhino (part of Endangered Animals of India series). Sitharaman lauded the efforts of SPMCIL for coming up with commemorative stamps and coins on Panchatantra theme which India has gifted during IMF-World Bank bilateral meetings. "The themes with which off late you are coming up with whether it's commemorative stamps or coins shows that you want to keep abreast of the developments around the world, environment concerns, concerns for divyang and also making it attractive enough to become items worthy of being gifted," ...

Rupee rises 5 paise to close at 83 against dollar on positive mkt sentiment

The rupee appreciated 5 paise to close at 83.03 (provisional) against the US dollar on Wednesday, tracking positive domestic equities. Forex traders said strength of the American currency in the overseas market and elevated crude oil prices weighed on the local unit and restricted a sharp uptick. At the interbank foreign exchange, the local unit opened at 83.11 against the greenback. It hit an intra-day high of 83.02 and a low of 83.12. It finally settled at 83.03 (provisional) against the dollar, higher by 5 paise from its previous close of 83.08. "We expect the rupee to trade with a slight negative bias on strong US dollar and risk aversion in global markets. Rising crude oil prices may also put pressure on the rupee," said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas. Choudhary added that any bounce back in domestic markets may support the rupee at lower levels. "Traders may remain cautious ahead of India's trade balance and US retail sales data. USD-INR spot pri

Rupee hits two-week high, forward premiums choppy; volumes improve

The rupee ended at 82.9650 to the U.S. dollar, up from 83.0425 in the previous session. The currency hit its highest intraday level of 82.9325 since Jan 16

Rupee ends little changed as focus turns to Budget, US Fed decision

The rupee closed at 83.1325 against the U.S. dollar, barely changed from its close at 83.1150 in the previous session

Govt, RBI actively working on CBDC to enable cross border payment: FM

RBI has already rolled out a pilot in the retail version of CBDC or the e-rupee on December 1, 2022. The e-rupee is in the form of a digital token that represents legal tender

Dollar up after US GDP data, euro falls after ECB president's remarks

Next week, the Fed is widely expected to stand pat but comments from Chair Jerome Powell will be intensely scrutinized to assess if the U.S. central bank is ready to start cutting interest rates

Devaluation of Argentine Peso results in negative impact on Q3 sales: GCPL

FMCG maker Godrej Consumer Products Ltd (GCPL) on Friday said the devaluation of the Argentine Peso by the recently elected government in Argentina has resulted in a "negative mid-single digit impact" on its consolidated sales for the December quarter. The new Argentinian government is taking various measures to improve the economic conditions and one of them was to devalue the Argentine Peso to the US Dollar. In December 2023, the Argentine Peso to the US Dollar was devalued from 361 to 808, as the Argentinian economy is facing hyperinflationary pressures. The IndAS 29 (Indian accounting standards) mandates the YTD statement of Profit and Loss to be translated at the closing rate for presentation in consolidated financial statements, said the Godrej Group FMCG arm in a regulatory statement. It mandates all amounts to be restated into the measuring unit at the end of the reporting period by applying a general price index. "Hence, the impact of the devaluation of the Argentine Peso

Rupee settles at new closing low of 83.40 on caution ahead of US Fed meet

The dollar index, which measures the strength of the greenback against a basket of six major currencies, rose to 103.95, against 103.78 on Tuesday

Rupee rises 3 paise to 83.37 against US dollar during early trade

The rupee appreciated 3 paise to 83.37 against the US dollar in early trade on Monday, amid sustained inflow of foreign funds and bullish sentiment in the domestic equity market. An upward movement in crude oil prices, however, weighed on the Indian currency, according to forex traders. At the interbank foreign exchange market, the local unit opened at 83.39 against the dollar and rose to 83.37, up 3 paise from its previous close. On Friday, the rupee depreciated 4 paise to close at 83.40 against the US dollar. Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said that investors will keep a close eye on monetary policy decisions from US Federal Reserve and other central banks to be announced this week. "... the commentary from the (US Fed) Governor will be important to watch and gauge a view for the major crosses. Today, volatility could remain low as no major economic data is expected to be released from the US. We expect the USD-INR (spot) to trade