Page 6 - Currency

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

Ensure the money transfer provider is a licensed entity

Banknotes bearing portrait of King Charles III rolls out across UK

People have been queuing Wednesday outside the Bank of England's headquarters in London and at post offices around the UK to get their hands on the first UK banknotes featuring the portrait of King Charles III. The portrait of the king will appear on all four banknotes issued by the Bank of England 5, 10, 20 and 50 pounds with no other alterations to the existing designs. The notes will coexist alongside those featuring his late mother, Queen Elizabeth II, whom he succeeded as monarch on her death in September 2022. The rollout of coins and stamps bearing the image of Charles have already been rolled out. People may not notice the new notes immediately in their change or withdrawals from ATMs, not least because so many transactions are now done cashless. Though cash payments have declined over the years, they remain particularly important for lower income households and those who get welfare benefits at their local Post Office. In 2023, legislation was passed as part of to protec

RBI says 97.76% of Rs 2,000 currency notes returned to banking system

The Reserve Bank of India (RBI) on Thursday said 97.76 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,961 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes 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 the high value banknotes was announced, has declined to Rs 7,961 crore at the close of business on April 30, 2024, the Reserve Bank said in a statement. "Thus, 97.76 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," it said. The Rs 2000 banknotes continue to be legal tender. People can deposit and/or exchange Rs 2000 banknotes at 19 RBI offices across the country. People can also send Rs 2000 bank notes through India Post from any post office to any of the RBI Issue Offices for

India, Nigeria agree to early conclusion of local currency settlement

India and Nigeria have agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties between the two countries. According to the department of commerce, a seven-member delegation from India led by Additional Secretary in the commerce ministry Amardeep Singh Bhatia visited Abuja, Nigeria for the second session of India-Nigeria Joint Trade Committee (JTC) on April 29-30. It was held after a gap of five years. Both sides have identified several focus areas to enhance bilateral trade and mutually beneficial investments. The sectors include crude oil, natural gas, pharmaceuticals, unified payments interface (UPI), local currency settlement system, power and renewable energy, agriculture and food processing, education, transport, railway, aviation, and MSMEs development. "Both sides agreed to the early conclusion of a local currency settlement system agreement to further strengthen bilateral economic ties," the department has said on ..

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