Page 47 - Rupee

Limits of local currency trade

Internationalisation of the rupee may prove counterproductive without the necessary building blocks

Bangladesh, India launch trade transactions in rupees to lower dollar use

Bangladesh and India on Tuesday launched a much-anticipated trade transaction in rupees, a move aimed at reducing dependence on the US dollar and strengthening regional currency and trade. This is the first time Bangladesh has done bilateral trade with a foreign country in addition to the US dollar. Bangladesh Bank Governor Abdur Rouf Talukder described the start of trade settlement in rupees as the "first step in a great journey". "The trade position between India and Bangladesh has seen remarkable growth, with both countries benefiting from their economic cooperation," he said at the launching ceremony here, which was also attended by Indian High Commissioner Pranay Verma. The central bank governor said the transaction costs during trade with India would reduce with the introduction of the Taka-Rupee dual currency card which was "almost ready (to be) launched from September". Bangladesh and India, however, stage frontier trading in certain areas called "border hut" in a semi-for

Rupee appreciates 21 paise to 82.38 against US dollar in early trade

The rupee gained 21 paise to 82.38 against the US dollar in early trade on Tuesday supported by a bullish trend in domestic markets and steady foreign fund inflows. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 82.42, then touched a high of 82.38 against the American currency, registering a rise of 21 paise over its last close. On Monday, the rupee had settled at 82.59 against the dollar. Softness in the US dollar and sustained FII inflows supported the rupee, forex traders said adding that the strength in crude oil prices remains a concern for the rupee, as a sharp surge in prices could limit its gains. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.15 per cent to 101.81. Brent crude futures, the global oil benchmark, rose 0.54 per cent to USD 78.11 per barrel. "Markets now brace for a slew of inflation data later i

Bangladesh set to settle trades in rupee with India using nostro accounts

Bangladesh Bank and the Indian High Commission are expected to announce the news regarding the Indian currency at an event at Le Meridien Hotel in Dhaka tomorrow

Rupee to climb after dollar's fall on weaker than expected US jobs data

Non-deliverable forwards indicate the rupee will open at around 82.60-82.62 to the U.S. dollar, compared with 82.74 in the previous session

Rupee hits six-week low against US dollar, loses 1% against greenback

Stronger-than-expected job data firmed up expectation of further interest rate hike by the US Federal Reserve

Decoded: What is internationalisation of rupee? How will it benefit India?

What does the internationalisation of the Indian rupee mean and how will it make India a competitor of the US dollar? Decoded here

Top Headlines: Tax credit on Council agenda, rupee internationalisation

Business Standard brings you the top headlines at this hour

Rupee to extend decline as US hiring data points to more Fed rate hikes

Non-deliverable forwards indicate rupee will open at around 82.66-82.70 to the U.S. dollar compared with 82.51 in the previous session

India's campaign to internationalise rupee gets off to a slow start

The Reserve Bank of India has allowed more than a dozen banks to settle trades in rupees with 18 countries since last year and is encouraging big oil exporters to accept the Indian currency

Rupee slips to 1-month low on hints of Federal Reserve interest rate hikes

As exporters took measures to protect their receivables, forward premiums declined from a recent peak of 1.87 per cent to 1.60 per cent, dealers said

Top Headlines: RBI's path to internationalise rupee, data protection bill

Business Standard brings you the top headlines at this hour

Rupee weakens by 21 paise as oil importers' demand for dollar grows

A stop loss is a type of order that investors or traders use to limit their potential losses in the market, said experts

Rupee depreciates 7 paise to 82.08 against US dollar amid strong demand

The rupee depreciated 7 paise to 82.08 against the US dollar in early trade on Wednesday, weighed down by strength of the American currency in the overseas market amid an increased demand for the dollar from importers. Sustained foreign fund inflows supported the local unit and contained the fall. At the interbank foreign exchange, the domestic unit opened at 82.05, then fell to 82.08, registering a decline of 7 paise over its last close. On Tuesday, the rupee had settled at 82.01 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 103.12. Brent crude futures, the global oil benchmark, fell 0.59 per cent to USD 75.80 per barrel. "Rupee has been ranged in the past few days with dips to the USD getting bought by RBI/oil companies. In-flows continue to be showing strong momentum as FPIs continue to be in a strong buying mode in respect of equities and debt," said Anil Kumar Bhansali, Head of Treasury a

Top headlines: I-T lens on reporting entities, rupee to face headwinds

Business Standard brings you the top headlines at this hour

Rupee up 4 paise at 81.87 against dollar on bullish trend in domestic mkt

The rupee gained 4 paise to 81.87 against the US dollar in early trade on Tuesday supported by a bullish trend in domestic markets and steady foreign fund inflows. However, a strong US dollar and surge in crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 81.90 against the dollar and then rose to 81.87, registering a gain of 4 paise over its previous close, as benchmark indices touched all-time highs. In initial trade, the rupee also touched a low of 81.95 against the American currency. On Monday, the rupee closed at 81.91 against the US currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 103.01. Brent crude futures, the global oil benchmark, advanced 0.63 per cent to USD 75.12 per barrel. Traders further said the rupee's direction will likely be influenced by the release of the Federal Open Market Committee (F

Indian rupee may inch up; RBI remains in way of large appreciation

The rupee on Monday reached a near two-month high of 81.75 on dollar offers by foreign banks, which market participants said was likely related to their custodial clients and to a one-off inflow

Rupee likely to face stronger headwinds this month: Business Standard poll

Analysts expect dollar index to rise with more rate hikes in the US

Rupee appreciates 33 paise to 81.77 against US dollar in early trade

The rupee gained 33 paise to 81.77 against the US dollar in early trade on Monday supported by sustained foreign fund inflows and bullish momentum in domestic equities as benchmark indices touched all-time highs. At the interbank foreign exchange, the domestic unit opened at 82.01 against the dollar and then rose to 81.77, registering a gain of 33 paise over its previous close. On Friday, the rupee closed at 82.10 against the US currency. Forex traders said the rupee is trading on a positive note on significant foreign fund inflows and positive macro economic indicators. According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, the rupee is likely to trade in the range of 81.90 to 82.20 during the day. "... Rupee looks to remain in the above range as Macro data from India comes out much better than most other countries. The GST figures, the core sector growth were all better than expected," Bhansali said. Foreign Portfolio Investor

Rupee reports best month since Jan on back of strong foreign fund inflows

Strong macroeconomic fundamentals like higher growth, cooling inflation, strong earnings have attracted over $3.5 billion of inflows