Page 63 - Indian Rupee

Reserve Bank of India purchased $7.7 billion in April, highest in 2 years

The rupee gained 0.4 per cent in April against the dollar.

Rupee turning out to be the most stable currency, says RBI report

"Inflation slowing down personal consumption expenditure"

Rupee globalisation to spur easier trade with other nations: Ex-RBI dy guv

"India's share of global trade, both exports and imports, is around 7%," said Thorat. "Similarly the share in financial flows is also around the same"

Rupee ends higher on dollar inflows; Fed's testimony to lawmakers in focus

Foreign investors have poured about $1.8 billion into Indian equities this month, having bought shares worth $5.1 billion in May

Biggest fund manager in India expects rupee to end its five-year slide

The currency will probably strengthen to 80 per dollar by the end of the year, according to Namrata Mittal, chief economist at SBI Mutual Fund

Rupee appreciates by 7 paise to 82.40 against US dollar in early trade

The rupee gained 7 paise to 82.40 against the US dollar in early trade on Monday amid easing crude oil prices and a positive trend in domestic equities. At the interbank foreign exchange, the rupee opened at 82.45 against the dollar, then rose to 82.40, registering a gain of 7 paise over its previous close. On Friday, the rupee closed at 82.47 against the US currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07 per cent to 103.62. Brent crude futures, the global oil benchmark, declined 1.12 per cent to USD 73.95 per barrel. "A huge week is setting up on the macroeconomic front, with the Federal Reserve and the European Central Bank both scheduled to decide on interest rates and update on monetary policy amid persistent inflation," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, said. Bhansali further added that rupee will continue to trade in the small range as the Reserve Bank is protecti

Indian rupee poised to open lower tracking yuan slide, eyes on RBI outcome

The RBI is widely expected to keep the key policy rate at 6.50% in its decision at 10.00 a.m. IST. The focus will on comments around the trajectory of interest rates and inflation

Rs 2000 notes withdrawn | What do people think?

To get a sense of what does the public think of the recent RBI announcement Business Standard spoke to Delhi-NCR people. Watch the video to know what they said.

Pink wads crawl out of woodwork amid the rush to dump Rs 2,000 notes

Surge in demand for gold, victuals, even as most sellers across the country decide not to argue with purchasers and accept Rs 2,000 notes

Rupee to see more losses on hawkish Fed, RBI intervention likely

The Indian rupee is expected to extend its decline on Friday, weighed by a rising dollar index and US yields following hawkish comments from Federal Reserve officials

RBI asks citizens to settle fee, charges on forex prepaid cards in rupee

The internationalisation of the domestic currency would make domestic monetary policy more challenging but the option of compromising on growth by playing it safe is clearly not an optimal choice

Rupee appreciates by 8 paise to 81.70 against US dollar in early trade

The rupee gained 8 paise to 81.70 against the US dollar in early trade on Monday tracking the weakness of the American currency in the overseas market. Forex traders said significant foreign fund inflows and crude oil prices below USD 75 a barrel also supported the local unit. At the interbank foreign exchange, the domestic unit opened strong at 81.76 against the dollar and then rose to 81.70, registering a rise of 8 paise over its previous close. On Thursday, the rupee closed at 81.78 against the US currency. The forex market was shut on Friday on account of Buddha Purnima. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 101.14. Brent crude futures, the global oil benchmark, advanced 0.07 per cent to USD 75.35 per barrel. Rupee is likely to remain range bound as RBI intervened from both sides, Finrex Treasury Advisors LLP Head of Treasury Anil Kumar Bhansali said. "Forex reserves moved towards USD 589

ADB exploring options to raise funds via rupee denominated bonds: President

Multilateral lending agency ADB is looking at the possibility of raising fresh rupee denominated bond to avoid foreign exchange risk, its president Masatsugu Asakawa said on Tuesday. Asian Development Bank (ADB) proposes to lend up to USD 25 billion in the next five years till 2027 to fund India's infrastructure building as well as green projects. The proposal is likely to be taken up for approval by the ADB Board. "We are encouraged to increase our local currency financing to avoid any kind of foreign exchange risk," Asakawa said ahead of the 56th annual meeting of ADB Board of Governors. The meeting would be attended by finance minister Nirmala Sitharaman. Raising funds in local currency reduces forex volatility, he told reporters here. ADB, which provides significant assistance to India, had raised funds in rupee denominated bonds or masala bonds to finance projects in the country. The ADB had earlier raised Rs 850 crore (USD 118 million) through Indian rupee-linked 10-year ...

Rupee appreciates by 10 paise to 81.72 against US dollar in early trade

The rupee gained 10 paise to 81.72 against the US dollar in early trade on Tuesday tracking a weak American currency and a firm trend in domestic equities. Forex traders said significant foreign fund inflows and crude oil prices below USD 80 a barrel also supported the local unit. At the interbank foreign exchange, the domestic unit opened at 81.75 against the dollar and then climbed to 81.72, registering a rise of 10 paise over its previous close. On Friday, the rupee closed at 81.82 against the US currency. Forex and equity markets were closed on Monday on account of 'Maharashtra Day'. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 102.03. Brent crude futures, the global oil benchmark, advanced 0.15 per cent to USD 79.43 per barrel. Forex traders said investors are waiting for cues from the paramount US FOMC meeting beginning later in the day. Market now awaits the Federal Open Market Committee (FOMC

Rupee rises 1 paisa to 82 against US dollar in Tuesday's early trade

The rupee appreciated 1 paisa to 82 against the US dollar in early trade on Tuesday, tracking a weak dollar and positive trend in domestic equities. Forex traders said the upward trend in crude prices and outflow of foreign funds from equities market restricted the gain in the local unit. At the interbank foreign exchange, the domestic unit opened at 81.99 against the dollar. It went as high as 81.96 and touched the lowest level of 82.02. Later, the rupee was trading at 82, registering a gain of 1 paisa over its previous close. On Monday, the rupee settled at 82.01 against the dollar. According to Anand James, Chief Market Strategist at Geojit Financial Services, the Indian currency may see a see-saw movement until it reaches the 81.76 level, indicating an upswing. "As long as dips do not extend past 81.80, expect upswings. It would however require consistent trades above 81.97 to confirm upside intention and set trajectory towards 82.07 first and then 82.4. "Alternatively, inab

Softer US dollar, better risk appetite push rupee to two-month high

The Indian unit has been gaining against the greenback and has appreciated 1.08 per cent in 2023

Rupee trade arrangement to help reduce transactions cost, says Piyush Goyal

International trade in the domestic currency will help reduce transaction cost for the industry and several countries are in discussion with the RBI on this, Commerce and Industry Minister Piyush Goyal said on Thursday. Last year, the RBI and finance ministry asked the top management of banks and representatives of trade bodies to push export and import transactions in the rupee. They want banks in India to connect with their foreign counterparts for opening special rupee vostro accounts to facilitate cross-border trade in the Indian currency rather than the popular mode of the US dollar. Goyal said that today several countries are realising that in trade, there is a need for change in currency for that and it involves a conversion cost, which in turn increases transactions cost also. "We can address these issues through rupee trade (arrangement)," he told reporters here, adding that several countries are under discussions with the RBI on the subject. Several banks, including HDFC

Rupee appreciates 18 paise to 81.93 against US dollar in early trade

The rupee gained 18 paise to 81.93 against the US dollar in early trade on Thursday tracking the broad weakness of the American currency in the overseas market. Forex traders said foreign fund inflows also supported the local unit. At the interbank foreign exchange, the domestic unit opened at 81.99 against the dollar, then climbed to 81.93, registering a rise of 18 paise over its previous close. On Wednesday, the rupee closed at 82.11 against the US currency. "Overall USDINR has strong support around 81.75-80 levels, as the RBI is intervening to protect from steep appreciation. Adding to it, the ongoing geopolitical concerns and Fed's hiking process are likely to weigh on investor sentiment and the USDINR could bounce back to 82.50-82.80 levels," CR Forex Advisors MD-Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 101.55. Brent crude futures, the global oil benchmark, declined 0.22 per

Rupee edges up as dollar softens ahead of US inflation data, Fed minutes

The rupee was trading at 82.0750 per dollar by 10:44 a.m. IST compared with 82.1250 in the previous session

Rupee seen flat at 82 for $1; US yields, importers hedging in focus

The Indian rupee is likely to open little changed to the U.S. currency on Tuesday, with traders assessing the outlook for U.S. yields and keeping a watch on importers' demand for the greenback