Page 54 - Rupee

Bonds and rupee gain; US inflation spurs hopes of dovish Fed move

Markets feel that US central bank's aggressive rate hike cycle may be nearing an end

RBI removes informal restrictions on rupee NDF trades, says report

The central bank had in October informally communicated to banks to halt building new positions in the NDF market to manage the rupee's volatility

Rupee records 6.9% depreciation against US dollar in current financial year

The Indian rupee has witnessed a depreciation of 6.9 per cent in the current financial year till November 30, the Parliament was told on Tuesday

Rupee sheds 26 paise to dollar as firm US data leads to Fed hike jitters

The domestic unit settled at 82.54 to the dollar on Monday, from 82.28 at previous close. So far in 2022, the Indian currency has shed 9.9% against the greenback

RBI sells $33.42 billion in Apr-Sep FY23 to curb rupee volatility

The Reserve Bank of India (RBI) net sold USD 33.42 billion in the foreign exchange market in the first six months of current fiscal to defend the rupee from excessive volatility. The central bank closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band. "During the financial year, the RBI's operations have resulted in net sales of USD 33.42 billion till September 2022 (settlement basis)," Finance Minister Nirmala Sitharaman said in a reply to the Lok Sabha. The exchange rate of the Indian Rupee (INR) against the greenback hit a record high of Rs 83.20 per dollar on October 20, 2022. The value of rupee is market-determined. As global spillovers from geopolitical tensions and aggressive monetary policy tightening across the world intensified alongside a surge in crude oil prices, the US dollar strengthened by 7.8 per cent

Trade settlement with Russia in rupees to start next week: Report

Five to six banks have been allowed to open Vostro accounts for rupee trade settlement and 10-11 such accounts have been opened so far

State Bank of India to begin overseas rupee trade with smaller nations

Move to steer clear of West sanctions on Russia deals

Govt asks trade bodies, banks to explore more countries for trade in rupee

Having facilitated rupee trade with Russia, Mauritius and Sri Lanka, the government has asked trade bodies and banks to explore such opportunities with more nations, sources said. Indian banks have already opened special rupee vostro accounts (SRVA) with banks of these three nations, operationalising the rupee trade arrangement. Recently, SBI Mauritius Ltd and People's Bank of Sri Lanka opened an SRVA with State Bank of India (SBI). In addition, Bank of Ceylon opened an account in its Indian subsidiary in Chennai. Union Bank of India has opened special rupee account of Ros Bank Russia while Chennai-based Indian Bank has opened such accounts of three Sri Lankan banks, including Colombo-based NDB Bank and Seylan Bank. In all 18 such special rupee accounts have been opened by 11 banks, including 2 of Russia and one of Sri Lanka, following approval from the Reserve Bank of India (RBI). The RBI issued detailed guidelines on cross-border trade transactions in the domestic currency in ...

Exploring tech, legal provisions to keep e-Rupee transactions 'anonymous'

It will weigh its options as things evolve but will ensure the anonymity of transactions up to a certain limit, which is a basic feature of cash transactions

Rupee at over 1-month low on renewed Federal Reserve rate hike fears

Indian currency underperforms EM peers; analysts cite shrinking forward premia, widening CAD

Trade settlement in rupee: Govt, RBI devise country-specific plan

To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country

Rupee skids 48 paise as corporates, oil firms rush to buy dollars

Domestic unit has shed over 9% versus the greenback so far in 2022; latest weakness came despite softer dollar index and strength in Asian currencies, led by a firm Chinese yuan

What does e-rupee mean for you?

India's digital rupee is making its retail debut today. Soon, people will use this digital currency for daily transactions. Find out how it's going to be different from digital wallets and UPI

Rupee gains sharply against US dollar as MSCI rejig spurs flows

The rupee closed at 81.43 per US dollar on Wednesday as against 81.72 per dollar on Tuesday

Cross-border rupee trade: FinMin, bank heads to meet on December 5

The Finance Ministry has called a meeting of CEOs of banks, including top six private sector lenders, on December 5 to discuss ways to promote cross-border trade in the rupee instead of the US dollar. Besides, sources said the meeting to be attended by other stakeholders, including senior officials of external affairs and commerce ministries, will review the progress made on this front so far. Financial Services Secretary Vivek Joshi will be chairing the meeting and is also likely to see attendance from representatives of the Reserve Bank of India and Indian Banks' Association (IBA), sources said. Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in the rupee. Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval

Indian govt allows Lankans to hold $10,000 worth of rupee in cash

SL banks must open nostro accounts with Indian banks

FM Sitharaman seeks to shrink budget deficit as global headwinds loom

A longstanding plan aims to shrink the shortfall to below 4.5% of GDP by 2025-26

HDFC Bank, Canara Bank get RBI approval for rupee trade with Russia

Three others got permission earlier, but no deal so far

Rupee sheds 0.2% to dollar as Covid worries trigger slump in yuan

Talk of persistent rate hikes by US Fed officials also drags rupee lower

Dollar-rupee forward premia lowest since 2011 as US-India rate gap shrinks

Indian currency's recovery since US CPI leads to reversal of onshore-offshore arbitrage