Page 8 - Currency

Here's why Turkey's currency is crashing after Erdogan got re-elected

Turkish President Recep Tayyip Erdogan won reelection last month despite a battered economy and a cost-of-living crisis that experts say are exacerbated by his unconventional economic policies. The longtime leader appointed an internationally respected former banker as finance and treasury minister and on Friday named a former co-CEO of a US-based bank as head of the central bank. But lingering uncertainty over Erdogan's economic direction and an apparent move to loosen government controls of foreign currency exchanges have led Turkiye's currency to plunge to record lows against the US dollar this week. The Turkish lira has now weakened by around 20 per cent against the dollar since the start of the year. It has raised fears of even higher prices for people already struggling to afford basics like housing and food amid high inflation. I am anxious. I am unhappy. Soon my income won't pay the rent, said Sureyya Usta, a 63-year-old who lives in Ankara. Here's a look at the falling v

Rupee rises 1 paisa against US dollar to close at 82.62 ahead of RBI meet

The rupee consolidated in a narrow range to settle just 1 paisa higher at 82.62 (provisional) against the US dollar on Tuesday amid a muted trend in domestic equities. The rupee is trading in a narrow range as market participants are vigilant ahead of the RBI's monetary policy later this week. The central bank is widely expected to leave the repo rate unchanged at 6.5 per cent. A strengthening greenback in the international markets also kept pressure on the domestic unit, forex traders said. At the interbank foreign exchange market, the local unit opened at 82.56 against the US dollar and settled at 82.62 (provisional), up 1 paisa over its previous close. During the day, the domestic unit witnessed an intra-day high of 82.56 and a low of 82.66. On Monday, the rupee closed at 82.63 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 104.12. Global oil benchmark Brent crude futures declined 1.60

Explained: How much does it cost to print rupees?

When you buy any item, you may pay for it using an appropriate currency note. But have you ever wondered what the cost of printing that currency note is? Watch the video to find out

Rs 500 note tightens hold as most circulated currency, show RBI data

The number of counterfeit notes in the Indian banking system marginally declined in 2022-23 compared with the previous financial year

Currency in circulation rose in value, volume during FY23: RBI report

The value and volume of banknotes in circulation increased by 7.8 per cent and 4.4 per cent, respectively, during 2022-23 as compared with 9.9 per cent and 5 per cent, respectively, in 2021-22, revealed the RBI annual report released on Tuesday. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 87.9 per cent of the total value of banknotes in circulation as on March 31, 2023, as compared to 87.1 per cent a year ago. The Reserve Bank has announced withdrawal of Rs 2,000 notes, and holders of the highest value currency have been given time till September 30 to exchange or deposit them. "In volume terms, Rs 500 denomination constituted the highest share at 37.9 per cent, followed by Rs 10 denomination banknotes which constituted 19.2 per cent of the total banknotes in circulation as on March 31, 2023," said the report. There were 5,16,338 lakh pieces of Rs 500 denomination notes totalling Rs 25,81,690 crore at end-March 2023. The number of Rs 500 notes

RBI's Rs 10,000 note proposal: Inflation, demonetisation, and counterfeiting worries

Did you know RBI under Raghuram Rajan floated the idea of introducing Rs 5,000 and Rs 10,000 notes in 2014? Watch the video to know the tale of inflation, demonetisation, and counterfeiting concerns.

Pakistan slashes provisional GDP growth to 0.29% from 2% for 2022-23

The country posted highest ever inflation at 36.4% in April and its currency has depreciated to a historic low

Start exchanging Rs 2,000 notes from today; how to do it and other details

The bank customers can also deposit the Rs 2,000 notes in their bank accounts and withdraw them from an ATM or bank branch later

China's RMB project making steady progress

As China steps up efforts to graduate to a leading role in global currency markets, India faces a choice between aligning with the Western-dominated financial system and the Chinese one

As India and Russia discuss FTA, the elephant in the room is rupee trade

Finding alternative paths to buy oil from states under Western sanctions is stretching the government and RBI's creativity

Rupee weakens against dollar after OPEC+ supply cut, recovers later

According to a UBS India report, the rupee is likely to strengthen as the current account gap is expected to narrow in FY24

ASEAN to switch to local currency use in the region to avoid crisis

Warjiyo said if ASEAN countries could use their local currencies in the region, transactions and all payments can be conducted faster and able to tackle the global crisis

Rupee weakens 7.8% against US dollar in FY23, most in three years

The rupee closed FY23 at 82.18 to a dollar, against 75.79 a year ago

Demystifying Nithyananda's self-proclaimed country United States of Kailasa

The 'nation' made it to headlines again in February this year when its 'representatives' attended a discussion conducted by the United Nations in Geneva

Panic over bank crisis sparks flight to safe haven currencies including yen

In the latest blow to investors' confidence in the financial sector, Credit Suisse's shares on Wednesday plunged as much as 30%, after its largest shareholder said it could not provide further support

Rupee records best one-day rise against US dollar in nearly 4 months

Adani-related flows, weaker dollar index push Rs up to one-month high

Iran's currency hits new low amid anti-government protests

Iran's currency fell to a record low against the dollar on Sunday, with nationwide anti-government protests now in their fifth month. A breakdown in negotiations to restore Tehran's nuclear deal has also hurt the value of the rial. Traders in Tehran were exchanging the rial at around 600,000 to the dollar on Sunday, after the currency plunged further from 500,000 rials for USD 1 on Wednesday. Iran's currency was trading at 32,000 rials to the dollar at the time of the 2015 nuclear accord that lifted international sanctions on Tehran in exchange for tight controls on Iran's nuclear programme. It was trading at 100 rials to the dollar in 1979 when the Islamic Revolution the West-back monarchy of Shah Mohammad Reza Pahlavi. Iran's statistics centre said last week that the inflation rate reached 53.4 in January. It was 41.4 in January 2021, two years ago. Iran has been gripped by nationwide protests since September. Demonstrations broke out following the death of 22-year-old Mahsa Amin

Top headlines: Mega push for Jal Jeevan mission, India inks pact with UAE

Business Standard brings you the top headlines at this hour

Rupee poised to weaken after dollar jump on hawkish Federal Reserve

The Indian rupee is expected to open lower against the U.S. currency on Friday, following a surge on the dollar index after two Federal Reserve officials said they preferred bigger rate increases

Dollar climbs on higher rate expectations, Aussie slides on jobs shock

Dollar advanced on Thursday after strong U.S. retail sales data underpinned the resilience of the world's largest economy, cementing that the Federal Reserve has further to go in tightening rates.