Page 49 - Rupee

Rupee continues to make gains against dollar for 2nd consecutive month

Rupee, after depreciating 11 per cent in 2022, has seen its fortune swinging in 2023 as it has gained 1.1 per cent against the dollar

India may propose mutual settlements in local currencies at SCO IBC meeting

The move will enable the infrastructure projects to be cost efficient as the import component of the infrastructure projects will become relatively cheap with the settlement in the Rupee

India's forex reserves rise for second week, hit over 9-month high

The rupee closed at 82.09 on Friday in the week ending April 21, halting a four-week rising streak

Foreign exchange reserves up $1.65 bn to $586.41 bn, hit over 9-month high

The rupee closed at 82.09 on Friday in the week ending April 21, halting a four-week rising streak

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

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 in narrow range ahead of US inflation, Fed minutes

The rupee finished at 82.0775 per dollar compared with 82.1250 in the previous session

Interest from central banks for rupee trade: RBI deputy guv T Rabi Sankar

The stakeholders on either side are getting adjusted to it, said RBI Governor Shaktikanta Das

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

Rupee depreciates by 25 paise to 82.46 against US dollar in early trade

The rupee depreciated 25 paise to 82.46 against the US dollar in early trade on Monday, weighed down by firm crude oil prices and a negative trend in domestic equities. At the interbank foreign exchange, the domestic unit opened weak at 82.44 against the dollar, then fell to 82.46, registering a decline of 25 paise over its last close. On Friday, the rupee settled at 82.21 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.48 per cent to 102.99. Brent crude futures, the global oil benchmark, advanced 5.50 per cent to USD 84.28 per barrel. "... Appreciation in rupee shall remain limited to 81.50-81.80 zone where importer can target buying and upside shall for now remain protected towards 82.70-82.90 region for this week," CR Forex Advisors MD-Amit Pabari said. "With a holiday shortened week, highlights would be the RBI policy due on April 6 and US payrolls due on April 7," Pabari added. The Monetary Policy Commit

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

Fiscal year change-led carry boosts Indian rupee; importers cap upside

The rupee was at 82.1825 to the dollar by 11.14 a.m. IST compared with 82.37 in the previous session

Rupee gains sharply vs dollar as Federal Reserve softens view on rate hike

So far in 2023, the rupee has gained 0.5 per cent against the US dollar

Linkages like PayNow-UPI have great potential to help rupee: Jamal Mecklai

In a Q&A, the CEO of Mecklai Financial Services dwells on issues such as rupee internationisation, stronger FDI flows and RBI's role in keeping the Indian currency stable

RBI, UAE central bank sign MoU on interoperability of their CBDCs

Move is expected to reduce costs, boost efficiency of cross-border dealings and strengthen economic ties between India and UAE

Banks from 18 countries get RBI's nod to trade in rupee: Centre in RS

Speaking in Rajya Sabha, Union Minister of State for Finance Bhagwat Kishanrao Karad said that 60 such approvals have been given by the RBI

Rupee rises 4 paise to 82.33 against US dollar on positive domestic equity

The rupee appreciated by 4 paise to 82.33 against the US dollar in early trade on Wednesday, tracking positive sentiments in the domestic equity market and relatively weaker dollar against major currencies. At the interbank foreign exchange, the domestic unit opened stronger at 82.32 against the US dollar and then gained ground to 82.30. Later, it slipped to 82.33 against the greenback, registering a rise of 4 paise against its previous close. On Tuesday, the rupee settled at 82.37 against the US dollar. Anand James, Chief Market Strategist at Geojit Financial Services, said there could be slippage to 82 level. "It would require consistent trades above 82.36 to rekindle positivity again." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.10 per cent lower at 103.49. Global oil benchmark Brent crude futures rose 1.21 per cent to USD 78.39 per barrel. The 30-share BSE Sensex was trading 403.21 points or 0.70 per cent higher

Rupee weakens as Silicon Valley Bank collapse sparks global risk aversion

A rebound in the dollar index, caused by the global flight to safety of the US currency, took a toll on Asian currencies, including the rupee

E-rupee worth over Rs 130 crore in circulation: FM Nirmala Sitharaman

Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC